It's been done, but I don't think often or recently. Do it if you believe in it.
What I'd suggest is you have your rules firmly in place before going to the Classifieds forum. Don't ask for input there, because you'll get bogged down in owners giving you all sorts of conflicting advice. Decide first on the roster (personally I'd make it easy on myself and go with a real life team, e.g. 1927 Yankees or 2017 Astros, something like that). Will you allow waiver wire moves? If so, what sort of salary cap will you use? Get all that stuff settled first, then post the ad.