Great idea, but in reality it probably won't be anything more then an idea.
To begin with, Scawen would need to code some form of server/client to enable all this to begin with, and this really strays from the current objective of creating 'the best simulator possible' so that alone stops it dead in its tracks.
Another thing you need to consider is the bandwidth required for all this, who is going/willing to host a 'VS' server that allows 120+ users connect to it for free? Ok, so you mention potential advertisement and sponsors and stuff, but this won't happen right away.
Finally, the technology is already available, and on both fronts. LFS-TV for people who have LFS (although this could do with some more development), and just regular broadcasting/streaming technology which has been around for a few years now.