
The answer really depends where you are in your academic career. If you don’t have tenure yet, please make sure you have fulfilled the tenure expectations in what concerns publications before you agree.
If you are tenured, I suggest making very certain that this is a highly respected publisher and not a vanity press or some obscure outfit. If it is reputable, then the answer should depend on how much this kind of work excites you. If you love it, then absolutely, go for it. But if you prefer a different kind of writing, then don’t torture yourself.
In terms of time commitment, I suggest creating a chapter plan, deciding how long each chapter will be, and calculating how many words you’d have to write per week to be done in a year, in 18 months, or however long you can dedicate to this plan. Is it viable? Will it coexist well with the rest of your responsibilities?
I highly recommend always starting a writing project with a specific date you will finish it. Put this date on your calendar, print out a banner with it and place it in your office, and return to thinking about that date often. Humongous, seemingly intractable writing projects slide in like a song if you know with certainty when you will write the last word.

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