Since you asked...
Depending upon the amount of crazing(sp?) or crackling associated with ivory balls will determine how successful you will be turning balls into cue components. However, personally I feel that the ivory balls are a significant piece of billiard history and irreplaceable for nostalgic reasons. I don't think that you will come out ahead by much, if any at all, by destroying the balls to make components. IMO, it would be just as easy to buy ivory from a dealer to make them or buy the components already manufactured and save the balls for their historical if not intrensic value. A member here, Mr. Hoppe, has a very nice collection of ivory balls (I believe) and could possibly provide you with a fair market value for the ivory balls. Obviously they are yours to do with as you please but I would urge you to reconsider cutting them up.
Todd