I like the concept (though I haven't read the whole thread) but would suggest making it more interesting.
In the Trash Heap Challenge there were 4 owners who took over trashed teams in the same league with reasonable success - though no owner actually won the challenge (take your team to a league championship series).
That goal may have been too lofty but a .500 season is too low. Make it interesting. Find leagues with 4-6 trashed teams. Randomly assign the teams to the "experienced" owners. Each owner lays down a $10 GC to be held in escrow. First owner to win 90 games and any playoff series takes home the GCs. An owner dropping out before there is a winner gets called out in the forum.