Hmmm, perhaps... The idea always intrigued me. I've seen the concept in play in stories like Gate and Wonder Woman.
The only issue I have is how would co-writing work. I've been the GM of two RPs in the past, and a player of many more, so I understand the concept of collaborating towards a certain goal. As co-writers, it's plausible to have two completely different styles and approach to writing, so I'm not sure how the workload is meant to be divided up. Count me interested, but I'd need to learn a little more information before I really can decide whether I'll put my heart into it.