If you want to make one just to make one I get that I make all kinds of crazy lures and flies. Yes I have made lipped flies but your hopes of making a deep diving one will have major issues do to lack of weight. Not enough weight to control the lip you will get a corkscrew lol
I have a lot of experience building crankbaits and you are basically trying to build a crankbait with fly materials.
If you want information on how to attempt it ask away
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