I love this idea. I wish we got this instead. I'd love to read about a guy trying to make a good-guy version of the Sinestro Corps. There's nothing inherently wrong with using fear as a power source.
It's even thematically appropriate. Why does he tell everyone he's Gold Lantern? Because he's afraid. He's afraid of how he'll be treated if they find out he's actually using an old Sinestro Corp ring.