I've done a similar but far less organised version of this already for RTR But I kinda jumped into it without thinking about it (or even intending it to turn into a big roleplay that boomed literally overnight - I wake up and there's 5 pages of reading to catch up on...), so if you can plan it properly it will be quite good. However, I've found my version extremely hard to organise in a single thread, so unless you can create a forum somewhere (like invisionfree or somesuch), you're going to have a tough time keeping it all together.

Good luck though, it will be an interesting read