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Exactly what I did, think my spam might even be a claud butler, or a Nigel Dean but it was striped when I got it. Picked it up for pennies and then built it up with second hand bought components, don't think the whole build cost me more than £200-250. Some nice wide rims and some 40c tyres and its so much fun.
I really enjoy this thread. Some of the bikes posted are fantastic machines
(also prohibitively expensive). I suppose if you live in a small flat one 'gravel' bike could meet all your requirements.
However, I don't think I would buy one because when I ride on a towpath or sustrans route, I like to take it slowly and enjoy the experience. I don't need or want performance. Perhaps I should hang a load of weird looking bags on my old Claud Butler Dalesman and tell everyone it's a gravel bike.