hmmmm...really not bad idea, the problem is to realise it!
If nothing else it would be a good PROMOTION film for this website so I dont see any reason why not to do it!
It can be organised by making special forum just for developing this film where everybody could see different stages of developing(storyboard,sketches,pre-production,modeling,animation,post...)
If this idea pass,count me in!
Sorry for bad English-again