The American Single Malt

This idea comes from a few things I've been reading up on that I think add up to a good business idea.  Consider these facts:

1. Single Malt Scotch is still considered to be the best whiskey in the world by many. 
2. Single Malt Scotch is made from barley, whereas American whiskeys are made from mostly corn, and some rye and wheat.  
3. Single Malt Scotch is made from used oak barrels, but American whiskeys are made from mostly new oak barrels.

So here's the idea.  Make single malt whiskey here in the US.  It wouldn't be considered "Scotch"  because it is made here, but it could still be marketed as The American Single Malt.

Step 1: Buy cheap, used, oak barrels from bourbon makers in the US.  

Step 2: Use 100% malted barley instead of corn.  

Step 3: Sell it at a premium price point, but still come in under the imports.  

One thing I have to note is that there are some companies who are trying to do this, but I am confident that nobody has done it properly.  There is not an American Single Malt brand that people categorize with Scotch.