Is fluorescent lighting a worthwhile alternative for budget studio lighting?

That part is easy to overcome - one can recreate something akin from cheap shoplights fitted with 9xx-tubes. Fix 8 or 12 or them to a hash from 2x4s for the mentioned effect, or simply gang them up in striplight/softbox-like configurations. Some strips of aluminized tape at the right spots help too.

Some flashguns and 5in1 popup disks still make the more portable and flexible baseline setup, no doubt.