I like the idea, but I see some big caveats:

• You mention that something could be done, but not who will be doing it. Big projects like this need somebody who is committed to organize things, and to chime in with the grunt work if nobody else is available, and things need to get done. Are you committed? If not, who is?
• Perlmonks has people that answer questions, but there's still a big part missing for a University: the course materials. For an online course the teaching material should have book quality. Where will you take it from?
• You'll need some submission system for solutions to exercises. Who will program it, set it up, maintain it?
• With money comes envy. How would you deal with it?

If you don't have any good answers to the first two questions, my answer is "nice idea, but ideas alone are not sufficient".

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