I spent quite some time these days in reading, thinking of building a laser PCB engraver but after your post I started to actually think!
Gracias 
Don't let me stop you! It's not going to be competitive with lithography, but if it's for fun then I say why not

even if you don't finish, you will learn a lot. Nothing wrong with thinking or reading.
Just some notes:
- you can't use a co2 laser to get rid of copper (10um wavelength). You need to vapourise it at a wavelength that absorbs a lot more energy. More like 1um or below
- you need an insane amount of power to vapourise metal. A laser outputting this much power continuously would melt itself straight away. So you need to use a pulsing/duty cycle trick like "q switching" or "mode locking". The other problem is that if your pulse takes too long to deliver all of the power, the metal will redistribute the heat like a heat sink (particularly a problem with copper!). When I say too long, I'm talking something like more than 100ps.
- you also need to generate a pulse which will not remove the fibreglass.
- you will almost certainly need to use a diode pumped solid state laser (DPSS)
Here is a commercial product:
- $150k each iirc
Or Google "laser ablation pcb" for lots more interesting information.