Mindy - I think it's a fabulous idea! I have too much stuff, too little time to craft and not enough motivation to change the situation. A challenge like this is just what I need - although going in to it suspecting you will fail is probably not the best way to begin, right?
I'm more inclined to complete things if I have a deadline (done!) and a way to check my progress as I go.
I see there are a few others who like the idea too - maybe we can use this thread as a way to check on each other?