I was looking at some videos on mods for Danelectro pedals (some of the cheapest pedals you'll ever find), and it really made me think about how cool pedal modding could be. Is it difficult to start? I mean, I really don't have any experience with this type of thing; that being said, it seems like one can do a lot with a soldering iron and some electrical tape.

Basically, do I need any prior knowledge on how pedals or electrical devices in general work to begin doing this, or could I just start following guides on how to mod cheap pedals?
buy some pedal kits too, there's a few that come of some of the standard pedals. It will give you experience working with the soldering iron and PCBs, and can be modded as practice, and it's gonna be cheaper than buying the real thing to practice on.

Some good options:
http://www.buildyourownclone.com/overdrive.html (TS808 Clone)
http://www.buildyourownclone.com/250.html (Dist+ or 250 Clone)
Epiphone Les Paul Plus Top
Jet City JCA5212RC (SLO Modded)
Ibanez WD7 Wah
Mad Professor Sweet Honey Overdrive
TC Electronic Flashback Triple Delay
TC Electronic Trinity Reverb
Quote by inkandlead
You can turn that fab echo into a really cool delay pedal.
That's actually the one that inspired me; people got some great sounds out of it, and it looked pretty easy.
It is.
And as for your initial query, I'd say you're going in the right direction. Start off on something cheap following a tried and tested mod. Use diagrams and such. It does take some time to be able to solder quickly and efficiently without burning stuff out.
After you do some like that and get the knack of pedals you can get into reading the schematics and designing your own stuff.
04 Boss TU-2 chromatic tuner, silent tuning with LEDs, this is one of the best tuners we have found, can use with power daisy chain to power other pedals too, new $99. When it's not ON, it does not use much power, about as much as an analog pedal.