Yes, I would agree w/ Kevin - it's going to be very hard to remove wo/ damaging the wood (a professional would probably more successful at it). But, assuming that you could get it up, then you'll have a lot of glue left behind and that can be challenging to sand (although it can be done). But, there is also another potential issue, and that is that the glue may have seeped between the seams of the wood (in the grooves) and if that happened, you will never be able to sand out all those lines. That just happened to us w/ some parquet that on top of perfectly good solid hardwood.
You're right that you could try it, esp if you are going to rip it up anyway. But, I'm not so sure it will work out.
Debbie Gartner aka The Flooring Girl
http://TheFlooringGirl.comWestchester County NY