Ray, I think you have a good idea. The problem I see with pvc used as a frame is two fold. First of all you have this big "frame" in your tank that needs to be covered up to look visually appealing. White pipe is not easy to look natural. Second pvc is not easy to attack rock to. Even if you drill holes and cable tie rock (or what ever other means to attach rock to pvc) you use it never has been as easy as it sounds in my experience, I even tried to attach rock to pvc across the top of tanks before for a cave or overhang look. Not only was it a major pain but it never looked right either.
My suggestion would be to get (or make) larger pieces of rock and drill 1/4" holes and peg them together like I did. If you get nice shaped, porus rock it is really easy to drill and you'll be suprised at how quickly it goes together. I drilled a dozen pieces of rock in about 10 minutes. You can use 1/4" fiberglass rods (I went to Lowes and found driveway reflectors with the fiberglass rod attached for cheap) then just take a hacksaw and cut the rods to length. Tap in gently with a hammer and you get a larger cool shaped rock.
I think by pegging, you will be much happier with the look and you can get alot of heigth by this method as well. Some of the pieces I made are almost to the top of the water height (28").
Sounds like a fun project! Good Luck!!
Tom