From my understanding, creating a penis has very limited success. Many trans men opt not to go through bottom surgery, or go through a limited surgery involving clitoral ligament release and urethral lengthening, also called a metoidioplasty, resulting in an elongated clitoris and the ability to stand to urinate, though this also usually involves a complete hysterectomy and removal of the vagina, the tissues of which are used to create the urethral lengthening. It generally does not result in a functioning penis that can be used for penetration. Phallioplasty, implantation and grafts to create a penis, has a high rate of aesthetic satisfaction, a very low rate of sensation satisfaction, and a lower rate of functional satisfaction. I don't believe that penises created through phallioplasty are capable of achieving a natural erection from arousal. MtF genital reassignment surgery is much more advanced, unfortunately.
If it was medically possible, then i'd fully support it being available as an option for those who want it, i think it would be a great option for those who fit the profile, but i think you're looking for something that medical science has yet to perfect.
In any case, the penis definitely replaces the clitoris, and skin from the vagina is necessary for the procedure as well. At best, i doubt you'd end up with a full set of both genitals. It /might/ one day be medically possible to create a penis from other skin or somehow generated skin cells or something, while leaving the vagina intact and it might one day be possible to create a penis that allows erectile function and sensation, but you won't ever have a penis, vagina, testicles and a clitoris at the same time. Even in people born intersex this doesn't really happen.
This relates to fetal development of genitalia, explained on wikipedia thusly:
"A few weeks after fertilization, the initial appearance of the human fetal genitalia is basically feminine: a pair of "urogenital folds" with a small protuberance in the middle, and the urethra behind the protuberance.
In typical fetal development, the presence of the SRY gene causes the fetal gonads to become testes; the absence of it allows the gonads to continue to develop into ovaries. Thereafter, the development of the internal reproductive organs and the external genitalia is determined by hormones produced by fetal gonads (ovaries or testes) and the cells' response to them.
If the fetus has testes, and if the testes produce testosterone, and if the cells of the genitals respond to the testosterone, the outer urogenital folds swell and fuse in the midline to produce the scrotum; the protuberance grows larger and straighter to form the penis; the inner urogenital swellings swell, wrap around the penis, and fuse in the midline to form the penile urethra.
If testosterone is not present, normal female development continues, with the development of a perineal urethra and the formation of a uterus, clitoris and vagina.
The Müllerian ducts, which are paired ducts of the embryo which empty into the cloaca, and which develop into the upper vagina, cervix, uterus and oviducts; in the male they disappear except for the vestigial vagina masculina and the appendix testis.
Although female development is usually considered the "default" configuration in the absence of induction, recent evidence has indicated that Wnt4 plays a role in the development of female anatomy."
Through this you can see that the sex organs have equivalencies in the opposite sex. Clitoris>Penis, Ovaries>Testicles, Labia>Scrotum. Because the essential blueprint for genital development is basically female, MtF surgery, reversing the effects of development, are easier than the FtM surgery which is to create development that never occurred.