Well, most of the ROMs that are available spring into being by having a dev start with a stock release and modifying it.
So, without any loss of generality, the answer to your question is yes. But, it does take some amount of specialized knowledge to both know what to do, and make sure that you don't mess anything up - that requires you to become a bit of a ROM dev yourself to accomplish the goals you mentioned. For instance, overclocking requires a new kernel to be put in place; that implies unpacking the boot partition, re-packaging it, and flashing it to your phone.
You will find it far easier to install someone else's ROM than it is to gain the knowledge necessary to do all those steps.
I'm not trying to discourage you if your goal is to become a dev, or learn about the underpinnings of Android - but what you are suggesting is probably 30-100x more effort than finding a ROM which meets your needs and simply utilizing that.
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