I would prefer a designed properly 120vAC dryer rather than trying to convert one. Unlike a hot water tank that you can simply buy replacement 120VAC rated heating elements a dryer you are wiring the 240vAC ones to operate with 120vAC.Just convert a 240V dryer, dime a dozen used.
May be a little effort to properly separate N from G. I got that done with 3-wire 240V to make 4-wire and not trip GFCI.
If buying 120V, consider condensing (even more expensive) if it looks like it will save power. Multiple types (air cooled, water cooled maybe only if washer/dryer in one, heat pump.)
As you noted: "Wiring 240V resistive heating elements for 120V draws 1/2 current, 1/4 power." So to get 1500w amount of heating those 240vAC would have to be 6000w rated. Many are only rated for 4000w elements so you end up with a 1000w worth of heating.