It can be worthwhile, but there are a couple of different types of hosting resale that you could consider, apart from web hosting. It may be more economical for you to rent a low-end dedicated server (Celeron etc) and a control panel license, and then resell service from there. However, Hostgator might provide an all-in-one solution for you to use (billing, automatic setup, etc), which may simplify the process.

I personally won't allow any money to ride on a machine to which I do not have root. :)