I agree with everything Tony said. There's another benefit or two to feasibility studies: first, those who are asked on the front end and respond favorably are more likely to give when you do launch the campaign. second, many foundations, when approached for a capital campaign have asked (at least in my region) for summary results. Finally, it's a way of assessing, before you launch a campaign whether you need to scale back the project right from the get-go...far preferable to getting halfway through and finding that the capping gifts aren't there.
