It was tried before. It's hard to organize, and very hard to prevent cheating. I think there is already one, but I don't think it could ever me official. It's not something that most people would want recorded, and there is no way of proving stuff.
*Edit* I've tried these things before. A smaller league may work, but when things get bigger, problems start. It gets much more difficult to get things going (As demonstrated by the redshark league) and it gets less organized. If it doesn't get bigger, it should be fine as it is.