I looked into this process for a long time. This link
brilliantly simple tandem bike
was the simplest and cheapest way I found. It's not a traditional tandem by any means, as it has 3 wheels and is basically two working bikes put together. However, I thought about going the route you suggested and came across these plans
How to build a tandem. I have no experience in welding, let alone access to a welder, so I decided to build the first one with three wheels. I bought an older Trek from goodwill, and as I was about to get started, came across a Huffy Savannah Tandem Cruiser on craigslist for $100. They run about $250-$300 new and are fairly low maintenance. I ended up getting the one of craigslist, and have been really happy with it. That being said, I would much rather have invested the time into welding two frames, especially because you can be proud of the finished product knowing that you built it.