Whole idea sucks in terms of actually being able to do what you said, and the fact it would cost about $1.5k a year per computer.
Cheaper than at home as proved.
But it is possible. If you are using 1kW then you will need at least 4U space using it or not (this datacenter maximum cooling capacity is 225W/U or 11.25kW/cabinet). It's not a home setup with a fan over the case. Plus if Supermicro makes these 2U cases with GPU support then they come with enough fans to do so properly.
My power in Arizona averages 0.07 / kW/h. With stratum or your own poolserver, bandwidth demand is minimal, and backup with a 3G USB modem is easy and sufficient (pro-tip DSL goes down as often as your hard wired phone does). The last 5 years in Arizona my power has gone off 0 times. So there is no upside to a colo for Bitcoin.
For security I lease a small commerical office space - it's far cheaper than residential, and I don't care that the warehouse space hits 40 C.
We should organize a Bitcoin get together in AZ though. There are lots of useful Bitcoin projects that you could help with.