Is anyone else programmatically creating then compiling templates?

I'm going to try generating merge-strategy enabled subtemplate hierarchies based on metadata (xsd). Has anyone else attempted this? Pitfalls? Tips? I've only been using codesmith for 20 days now; so, please stop me if this is absolutely crazy.

So far I'm generating and compiling a single subtemplate. I'll be willing to post code once I clean it up a little more. If I am being unclear, _please_ tell me to expound!

Plans:

1. Also generate template (parent) that renders subtemplate (child).
2. Set subtemplate (child) properties inside generated template (parent) based on metadata.
3. Extend to generating multiple subtemplates (many children).
4. Extend to generating multiple templates (parents) running common subtemplates (many-to-many).
5. Extend to allow subtemplates to have subtemplates.... (N levels)
6. Rinse, revisit metadata type, revisit codesmith architecture via reflection, revisit "code sharing techniques"

Here is syntax for using sub-templates.

<%@ Register Name="SubTemplate" Template="SubTemplate.cst" %>

<script runat="template">

void RunChild()
{
    SubTemplate sub = this.Create<SubTemplate>();
    sub.RenderToFile("file.txt", true);
} 

</script>