I love this system you've described. I've managed to be game free for a while now, but combining the social aspect & task "punishment" can really bring a guilty pleasure back into life in a well balanced way.

A persons choice of competitor is really key here. If you have the right people to have fun with and then trust to oversee and review each others work, it could really be an amazing social club of sorts!

Let us know how it works out! I don't know if I'd have the willpower to follow the rules I'd set for myself or if it would degenerate into the 12 hour benders you seem to know well.