I have actually done what you are considering doing.
I thought I knew what I was doing. I WAS WRONG.
In early 2009, I bought a 1" female mandarin. I trained her to eat frozen. That took a couple of months of her in a 5g by herself, with pods added daily, and feeding her newly hatched artemia daily, then newly hatched mixed with frozen. To provide pods to hunt, I replaced the LR in her tank through every other day with a piece from one of our other 3 tanks. To be sure we had enough of a population for her, I cultured pods, and I purchased pods, and I did the LR swaps in and out of her tank. It was a nightmare. We moved her into the 20g tall once she started eating frozen, and shortly thereafter added a large male, then moved them to a 45 cube. They started spawning 2 months after being introduced.
We had a spawning pair of mandarins in a small cube from 2009-2011 (we lost them in August 2011 when we moved unfortunately). I am not exaggerating when I say that was the most expensive pair of fish we have ever owned. We did have a HOB refugium, and I supplemented daily with freshly hatched artemia every day we owned them aside from the 2 weeks we were on our honeymoon, and I cultured pods, and they both ate frozen, and it still cost not hundreds but thousands of dollars to keep buying sufficient pods to maintain them in spawning condition. I kept a spreadsheet. We spent a fortune on those two fish.
I would not recommend this.
Because it was so hard to manage this, I did not purchase another mandarine even though they are one of my favorite fish until this January, after our 205g DT had been up and running for over a year and had a thriving pod population. We currently supplement pods for our girl on a weekly basis. I culture tigger pods on the windowsill, and I buy pods from the live food bar at the LFS.
So far, I'm in to my new girl about $80 in pods, and we are only in February. I've had her for 5 weeks.