Good plan, with one drawback... you can't join an MP game thats in progress. Also, once the round is finished, everyone gets kicked from the lobby and you have to restart the host from scratch
The only way to get it too work is too have 16 people that all agree to meet at a certain time, and all join the same server. Also, they have to be the sort of players that won't quit halfway through a match, and play by the agreed rules (sides, plane sets etc).
All in all, its going to be a pain to set up, but it will be worth it if we can get it going. If we want to keep this game alive online, then we need to get the community going. Events like this are a good way to do that (IMO)