John,
I did exactly as you described about 6-7 years ago. I started with two PNG kits - a flat and a box. I ordered extra grab irons and detail parts from Phil (who is great to work with on these kinds of things) and a few random pieces of Ozark/Trackside to round out the needs. Using that, plus some stock brass rod, and scale lumber I was able to get the Derrick complete minus the “A” frame and the boom itself.
For those two parts, you do have options.
To begin, I would recommend building the flat (you will need a few extra bits of wood from the LHS to build the boom cradle) and then tackling the OP. The first major decision you will have to make is will you “shorten” the Boxcar sides and use the existing end from the kit to build the “house” (if so, it will be noticeably shorter than the prototype) or make your own sides (not hard at all). I took pre-scribed lumber and, using the PNG boxcar sides as templates, cut new “house” walls, but making each longer.
At this point, if you build up the house, along with the walkways, grabs irons, and add in the door and window detail (again, just scrap lumber bits) you shoudl feel pretty jazzed at the outcome - and the best part is, with the flat complete and the Derrick “roughed out” in mass… with the two sitting there in front of you in 1:20 the will to continue grows quite strongly!! 
From here - four options come in to play.
You can a) contact David Bailey at DJB who makes a photo-etch kit for the boom and A Frame… not cheap, but not too expensive b) contact Alan at GAL who has been experimenting with laser cut derrick booms (albeit not for OP, but he might be able to do a custom job for you without too much cost), c) wait for a kit or built-up kit to come along on the classifieds, train show, or ebay - it does happen, but only about once a year, or d) build it yourself.
Don’t let the A Frame scare you - some basic, cheap, LHS lumber will get you started - the key is the “metal” wrap/flashing on the wood. With little effort, you can cut thin sheets of styrene into shape and glue them on top of the wood (or better yet, use brass sheet if you have the tools). From here - its just a pinvise and a bucket load of PNG nbw castings (or HO track nails)… add in a bit of brass rod bent to shape coming off the A Frame (or, in my case old coat hangers from the Dry Cleaners!) and you really are almost home.
I think the only think you really need to consider is the boom - if you have the patience and budget is tight, I say build it up on the kitchen table. If you’ve got a few extra bucks, the DLB boom is amazing (and, at one point David would sell it soldered up… if he doesn’t anymore, then there is that to consider too).
All in all - good luck - I’d say that for the cost of 2 PNG kits, $25 bucks in LHS lumber and another $25-30 in extra PNG castings and the random Trackside bit, over the course of a weekend you can easily have all but the boom done sitting in front of you! (And when you do - it is amazing to see in person - big!)
As reference, other people to look for online are Dean Lowe, Dave Crocker and David Gormley who have all built OPs… And Paul Mora has had one or two kits over the years (and parts of kits) for sale… I also think Wayne Spence built an OP… I’ve seen photos of all of them - some here at LSC and also on MLS and 120me.
Finally, some links for you:
http://www.thegalline.com/index.html
http://sites.google.com/site/riograndemodelsuk/
http://www.djbengineering.co.uk/
Best of luck!