I, too, think fictional would be the way to go. I would say some sort of committee would be the best way to go, if Stacy wanted to make this more of a 'community' thing.
I would not be interested in participating as a GM in this league, but I would be interested in helping out with setting it up, and with running it. My e-mail is
matrey7@ptd.net if you need to talk to me[or, PM me].