A monolithic aggregation of BTC capital in one place won't require the SSTT to be an unresponsive or wasteful bureaucratic entity, interested only in its own survival at the expense of its mission. We often associate ineffective institutions with massive pots of capital because that is they way things have been until now - Bitcoin lets us break that link.
The entity can certainly exist as a coherent structure to interact and oversee, but an ultimately transparent fund with completely distributed control is no different in function to no central fund at all. I don't think the association you are talking about is baseless, since control and opaqueness is not a side effect of centralized capital, but rather its purpose. Bitcoin lets us break free by not requiring centralization for efficiency.
Ofc, it will be helpful to employ a few frugal accountants to oversee the funds and there is always blockchain.info which will let us watch how they are spent 
Fully transparent accounting would be an interesting project in itself.
Note that there are significant legal and organisational issues to funding individual projects as they have to conform to e.g. university funding regulations in the relevant territories and so on.
My humble opinion on the matter is: who cares? I think what such an organization can accomplish and benefit from is freedom from territories and (some) regulations. Otherwise, what's the difference?
Either way, I think I would still be in, regardless of how you structure it. It's a step in the right direction.