MakerBot Print is our newest print-prepration software, which supports native CAD files and STL assemblies,
allows you to interact with all your printers via the Cloud, and many other exciting new features.
My wife told me she wasn't interested in being extruded.
Here in East Texas we have a lot of iron and iron oxide in our sandy soil. I've used a magnetic sweeper to pick up iron pieces. It works really well.
I then used a propane torch to heat up the iron pieces (oxidized and not) to process it into non-oxidized iron. Needs much more heat than a torch to do it properly, but it did work.
Your idea can work, all the steps are doable. The actual procedure? Well that would have to be worked out.