I did it for the first 6 months I had my Beardie, he was eating 1-2 dozen pinheads a day which would've been expensive. Once you get it up and running it's really simple, takes about a minute a day to switch out foods. I don't do it anymore, since he doesn't need enough crickets to make it worthwhile anymore.
I used
no water(they drown easily - and that an
understatment. Instead I used lots of lettuce and pieces of carrots. For food I took some dog food, oats, grains, and vitamin powder and blended it up into a powder.
Here is the link to the website I used to start my colony. I scaled it down alot since I only had one lizard to feed though.