I'd be a bit reluctant to say unreservedly that this is a good idea. Firstly, I'm reluctant to endorse a design without more information on the requirements - and that makes it a consultancy exercise.
In principle yes, doing transformations on schemas can be a useful technique. But schemas are complex and there are all sorts of possible complications; I'm a little bit concerned that if you knew quite what you were taking on, you wouldn't be posting to this forum.
Author, XSLT Programmer's Reference and XPath 2.0 Programmer's Reference