Several legends leagues have been started with varying degrees of success.
I believe I've hit upon a good concept for a legends league which will allow the mixing of players from various eras, prevent teams composed solely of superstars, and be viable as a career league.
To see the concept, check out the Timeline Baseball League at
http://www.legendsport.com/baseball/timeline
The league won't be for everyone, which I understand, however if you believe you'd like to be a part of something different, (hopefully) challenging and fun, this may be one for you.
One thing not mentioned in the rules (which you should definitely read to get the flavor of the league) is the career-based aspect.
Only 1 franchise has been taken (the NY Yankees), so we're starting with a (nearly) blank slate.
Thanks,
Joe