If you have the needed skills, it's definitely worth going for. I've been bootstrapping a small startup over the last year and it's been an amazing experience.

I think the abundance of cheaply available technology also expands the scope of what could be considered as a 'micro' startup, given your definition of being one-man-manageable and not requiring outside investments. Consider the technology available today: Infrastructure as a service, database as a service, search as a service, platform as a service, web-encoding as a service, (you get the idea).

Leverage expert service providers, focus on cash flow from day 1 and take control your destiny :)