If you are doing this just to scratch your own itch, fine. But given that something similar already exists, how about trying to find a different angle and/or key feature to make it actually useful?

For example: I am working on a tool to mirror posts and comments from Reddit to Lemmy and it would be really cool to have something similar to the Peertube (the federated and self-hosted version of Youtube).

Another idea would be to take the videos from youtube and make it available on IPFS.