If you enjoy making the content it's worth doing certainly, might not be worth dropping cash on equipment though. I'd do some stuff with emulators or indie games to start with, just to see if you can actually stick with the idea and if people actually enjoy watching what you produce. It's not worth dropping hundreds on a setup until you are sure you can consistently make content and that people will watch that content.
Outside of that, always edit your failures heavily. Speed the footage up massively, jump cut between the few amusing deaths or skip chunks of footage entirely. No one wants to watch someone fail the same section in a game dozens of times (unless it's a shitty game like IWBTG where that is the entire point). Even if you try to salvage poor gameplay by imitating AVGN or something you are likely going to just come across as an arse and drive away potential viewership. The same applies to trying to anyone else's gimmicks, what works for generic youtube star might not work for you.
But yea, try to keep in mind how incredibly oversaturated youtube is with let's players and seriously consider if you can honestly bring anything new to the table to get viewers over anyone else before you spend $500 on consoles for an imaginary audience.