I had a similar idea to this last year (but never did anything with it).

It is a good idea (like the name Screwples too).

One thing though.

I suggest having a small set of central characters for the thread to pivot around. Preferably played by people that will see this thread through (the early stages at least). It doesn't stop other characters joining in but it does, I think, give the thread some sort of direction (which it will need to survive).