Definitely an awesome idea, but after that Love race, I think I'm gonna abstain from any blind fangame races
As for Pandy's list, I agree with all points except number 4. SRL is beneficial - it gathers everyone in one place, helps you to make sure everyone's ready, generates a page with all the racers streams, and (for the people who want it) counts towards races that can get you on the SRL page.
So I say still do SRL, but don't make it mandatory - this way, people that want to race but can't stream or otherwise don't like the system don't have to. It's not like if you don't join the SRL then someone will come to your house and drag you away from the computer for the duration of the race
And the people that do like it can enjoy the benefits.