Not at all. There are quite a few cheap e-readers out there. I've had the pleasure of owning a few, and I'm afraid I never wished Android would run on one.
I made the mistake of buying an Android one (Icarus) years back...despite the eink display, the battery life was barely better than a phone due to the overhead of running the OS. Plus, most Android apps were unusable because they depend on scrolling and high refresh rates.