A private range is certainly doable, many of us have them, "practical" is a personal thing.
We bought 80 acres total (a 40, then the back 40). I have a 30 yd pistol, 100-300 from a bench and berms that go out to 760yds for prone, sitting etc. My 80 straddles two hillsides, which is why it took me years to find it. Natural elevated shooting positions, into a hillside.
A private range "briefs well", but can be expensive proposition time and money, especially right now. I've been eyeing the land behind me, but raw land prices around here have entered the stupid zone. The 20 across from me just went for close to $20K an acre. A lot of it is COVID, and a lot of it is low interest rates. Good news is I'm sitting on about 1.1 million in real-estate, which I just paid off on Friday.
1st thing I'd look at is financing. Loans for undeveloped land are treated similar to commercial loans and generally bear a higher interest rate. Know what you can, and are willing to, afford before you even start looking. Keep in mind property taxes!
2nd thing to check is zoning, this is a Go or No-Go thing. Personally I wouldn't buy too close to a city/town cause they constantly seem to expand their limits. A lot of the range grandfathering stuff I've read doesn't apply to private ranges/shooting.
Next I'd take a hard look at the actual property. How much to get it to where it needs to be, moving dirt, clearing lanes etc. As others said, hills are great, dirt is cheap, but getting it where you want it will cost you. Next look at what it's going to take to maintain it; time, equipment, fuel etc. Again look at the property taxes. Here x number of acres = agriculture which equals lower taxes, significantly lower taxes. Lose that designation and depending on how your local zoning is set up, you could go from $80 a year to $2300. This happened to a friend of mine that bought the 70 acres next to me. Went from agriculture to "vacant lot for sub-division" due to no farming activity.
Lastly....time. I shoot a lot, but I'd probably shoot even more IF I wasn't the SO for group shoots, maintenance guy and landscaper.
Do your research and go into it with both eyes open! And yes, doing what you want, when you want, is definitely worth it!