Well then, if you're willing then go ahead. But I still think that you should do any modifications on a spare saddle instead of the original.
Before you start off, I'd like to mention a few things. Flamenco guitar is not just a certain style or sound. Neither is it about 'crazy' playing techniques nor showing off. It's a complete lifestyle and culture that I don't think anyone who stays away from it's origins can ever understand fully.
To begin, flamenco guitar is traditionally used to accompany dancers or singers, with barely anything more than a few single notes and a few open chords. The thing that makes it so special, is the rhythm of flamenco (or compas) that must be followed absolutely strictly. The many different song forms of flamenco have their own distinct sounds and rhythms and the various rhythms are separated into their own palos (or forms). If you can't keep in rhythm and play along with other flamencos, you're just a poser who knows nothing about flamenco. You can have amazin picado, rasgueado, alzapua but it's still not flamenco.
Secondly, flamenco does not imply Spanish music as it is a small culture within the whole country. And for that matter, the Ketchup Song, Macarena, Ricky Martin, Ottmar Liebert etc are all not flamenco.
As for solo flamenco guitar, it's a far more recent development and it turned out that solo flamenco guitar is more popular than cante (singing) or baile (dancing). In more early solo playing, songs consist of rasgueado rhythm compas and falsetas which give the melody. The compas sections give the rhythm, and falsetas can be likened to guitar solos throughout the piece.
To end off, play a Paco de Lucia composition without keeping in rhythm will mean it's not truely flamenco. Strumming a few open chords in compas means it's real flamenco. I'm not a flamenco purist but this is the basis of the concept that cannot ever be forgotten.
Good luck in playing, I'd be more than happy to answer any questions you might have. I've been groping around for a long time and I'd be willing to save you the trouble of going off track.