This is an interesting proposal to combat the "death of antibiotic" problem. Even if it were wildly sucessful, though, I fear that big business may not take up the results that are found, though. For one, although discovering new sources does remove some of the capital hurdles to development, a substantial part of the cost of drug development is the large clinical studies that must be undertaken in order to garner FDA approval. This project would do nothing to solve that problem.
In addition, it raises some interesting IP issues that may make pharma balk--if I discover some natural substance has antibiotic properties, do I earn an inventor title on the patent and partial royalities for the development?
What is really needed, I think, is a diversion of part of the National Institutes of Health (NIH) budget toward research that would otherwise be avoided due to the lack of profit at the end. Even as someone, who, myself is funded by NIH, I think we could make better use of some of the many billions a year by re-directing them.
That all said, if the project is not viewed with the end goal of developing new antibiotics, but instead viewed as a project designed to encourage particiaption in modern biology--an educational project that might cause a discovery, it's hard to think of it as anything but a fanstastic idea.