Should I Build My Own Tinywhoop with Ymzfpv Lightning v2?

No, I don't think it would work. It's 45-49 grams, which is unusable for 1s (You miiiight could get it to "fly" but I don't recommend it). You could definitely print prop guards if you want to tho.

not really how it works, but adding prop gaurds sure!

do not put prop guards on the LV2. its almost perfect as it is, do print some camera protection for it though, 

As said just leave it as it is with the exception of some better protection for the camera. That's what I did with mine.