Right, but you've presumably already done it once and thus extracted all pedagogical value from it.
At the end of the course, we had only the boot loader and a little command interpreter, aside from FAT-12 support.
Then, much later, I messed with OS by playing with the code from the Minix Book [1].
Last year I wrote a little emulator for a virtually unknown architecture that can run uClinux on a modern browser (i.e., Chrome)[2].
[1] Operating System Design and Implemenation: http://www.amazon.com/Operating-Systems-Design-Implementatio...