There is nothing new about the project of collecting recipes from a families history and putting them together in a book. In fact, I know of a couple genealogy and historical societies that are doing just with with the help of their members. It can be a fun and rewarding project.
Here is a website that Chronicles the efforts of one person to put together such a book. In fact, she did it quite successfully. Along the way she learned a lot about the process. She made mistakes, had to redo work, etc. Wendy A. Boughner Whipple is this person and she has published her lessons learned in a book titled: Creating an Heirloom: Writing Your Family’s Cookbook.
The website she offers gives you an interesting overview of the cookbook creation process and is full of information of value whether you buy her book or not. She gives interesting insight into such topics as fonts to use, the use of art work, archiving you work, etc.
Check it out at: http://www.creatinganheirloom.com/home.html