Can you play this song on an electric guitar? My experience is yes you can learn this song on an unplug electric guitar but when it comes time to play, it sounds much better on an acoustic.
How often do I need to practice? I was practicing about 30 minutes a week, specifically on this song. I think this was sufficient for learning the basic cords.
What will the greatest challenge be? For me the greatest challenge was picking such a difficult song to start with.
How will I define success? Some might think that I have failed because I was unable play my original song. I learned that the guitar is more difficult to learn to play, especially for someone with as little experience as myself. I would still say I was successful in learning play "Love Me Tender". I'm not an expert but I have learned a tremendous amount. Please watch the video I made for my wife using this newly found skill.