That seems fair.

Will there be a set order of posting, so that selected authors can have time to compose something worth reading without fear of having the story move out from under their feet while they are doing so? It'll slow things down a little, but you can fix that by applying deadlines, at which point the next person down the line would be asked to take over.

edit: For pete's sake, this is a message board, not a chatroom. It takes time for things to be noticed and responded to. Have a little patience...