Is my story idea any good?

The Fairy Queen has been on the shelf beside my bed for years in a queue waiting to be read. Somehow, after the first ten pages, it gets put back to the bottom of the queue. The same is true for A Midsummer Night's Dream. So, not having read either of those two books I can't say how much you've borrowed from each. Both books are such clics that it is perfectly acceptable to borrow from them. I think you should keep in mind that you need to do it in such a way that people with knowledge of those two books won't feel as if you are simply borrowing plot lines from those two books. You need to take the ideas of those books but develop them in a unique way. I'm not sure if you've done it or not but I think it's definitely worth you pursuing.