Sounds like you're aware of pitfalls (getting wrapped up in a project/many projects such that you neglect the job search) as well as the benefits (feeling useful and keeping occupied and not getting too twitchy ;-).

Oh, yeah, re: project we talked about some at Game Noc recently: I've got a t-shirt into quilt project (MEF) in mind for you, if'n you're interested. Happy to occupy your time 'n' energy some (and help w/the income in the process). :-)