I've used bourbon and also spiced rum as a splash on several occasions. It's actually not as bad as one would think since it's the base of many aftershaves already. I've never had the inclination that I smell like a hobo, once it hits my skin it's usually fairly pleasant smelling. I think it really varies on what you're splashing on yourself.

The DIY bay rums work pretty well for people, so I don't think this is that crazy of an idea.