Yeah, I sort of have the same feelings. I've done projects like this before and I also seem like the only person who actually puts any effort into it. You'll probably have people wanting to participate who can't exactly um....well... model all that good, which might cause problems, and then you might have disagreements with the theme, how ideas should be conveyed to the viewer, etc. If you did this just for fun, only for fun, and didn't really care about the quality as much as you would if you were doing your own personal demo reel, I think it would work out ok.

And as the the two before me said - "Good luck!"