While I don't think it's a bad idea, exactly, I can tell you with 100% surety how this would turn out, and it wouldn't be the community builder you'd hope, if this wisdom thing is at all useful. Two things would happen, depending on the person. Initially, you would end up with a flood of level 50s on the starter planets trying to pressure new characters into forming the master/apprentice relationship (far more 50s than new characters). Soon, the low levels would catch on and start offering their apprenticeship for large amounts of credits. It would be little more than a business relationship.
Alternatively, people would simply use second accounts or family/friends to have the accessible younger characters available. It is highly unlikely many true new relationships would be formed by your suggestion.
I'm always for community building, but I've seen this sort of thing in other games, and I can tell you that master/apprentice style rarely works in a game that is level based and gets top heavy quickly.
It wouldn't be like other games though. It would be completely different. There wouldn't be a flood because there would need to be requirements to do it. Such as the missions you would NEED to do before you even thought about being a Master of someone. There would be rules. It just wouldn't be free for all all the time. I will elaborate on my idea more upon editing my post later today. For now, I must rest and am very tired.