I think it’s a good idea, and it could definitely work.
The thing is that somehow one has to group sites with like linking power to make it fair.
Linking power largely depends on how many outgoing links you have, it’s not really as much of a PR thing like everyone seems to believe. (just my opinion here).
Age and size of the site also matter.
So while I think it is a super idea, and we have seen what this can do with the folks who cooperated with blacklists, there are some problems I can see as far as fairness of exposure goes.