I do think the idea could work, may take a little fabricating of course but don't see why it could not be done. The real problem is I can see it becoming difficult to have a good working system that would be inexpensive unless you could find some of the parts free or greatly reduced. Granted if you had an old screw jack laying around and a old top link you could chop the ends off, don't see why you may not be able to make one? I would also think it would work better on a small machine than a larger one (Cat 0/1 maybe a great test bed)
Found this on the Joyce site -
"Joyce electric cylinders lift and precisely position up to 20 tons, achieve travel speeds up to 546 inches per minute, and raise loads up to 100 inches. They are well suited for industrial environments where protection of the lifting screw mechanism is critical and low maintenance is desired. Requiring only electric power, Joyce electric cylinders may also be used in place of hydraulic cylinders, eliminating the cost and potential for leaks associated with hydraulic systems."