This would be a great idea if it was possible to pull off, but it's really not.
Though it would lead to some way awesome community roleplay, I just can't see it happening.
There's no way everyone would agree to make five or so people the official Jedi Council or Dark Council, or one lucky BH player the winner of the Great Hunt, or one big bad Sith Warrior the Emperor's Wrath.
Just wouldn't happen.