XCP aka "Counterparty" has already done a bitcoin-burn-based launch. Worked pretty well actually. The difference is that the burn period was finite (rather than ongoing, which your suggestion sounds like it would be).
https://bitcointalk.org/index.php?topic=395761.0It has a tonne of other interesting features as well, such as a distributed exchange and a bitcoin-based transport layer - worth checking out! I myself burned some bitcoin for it during the burn period...
scotjam