It is a good thought, but will surely face problems. The schedule for the matches should be at the time when no international matches are being played. A test and three ODI's, willrequire atleast 15-20 days. Another question is, who is to decide the members of the rest of the world team and its captain? It is hard to please every nation of the selection.
its a great concept if it comes through. there are certain players which one wants to see play in the same team and face the official top team. Imagine Shoaib Akhtar and Sachin sharing the same dressing room.