I'm not sure of it's effectiveness, but it would be something at least. I can't imagine BioWare trying to shut something like that down, it would look really bad for them.
Honestly something like that might have worked back in beta when there was a large community of folks that wanted this content. Of course most of those left before the game even went live though after it was made clear this content wasn't being added for launch. Out of the remaining folks I would guess most left around the time of the Guild Summit like I did.
Seems like only the die-hards and eternal optimists have stayed around this long with the occasional returning player like me. I don't know that we'd even get a big enough turn out for it to make an impression. Sadly BW did a pretty good job of killing off this section of the community.
That said, I'd support anything someone puts together.