I think the major problems is, and this is my feeling, people won't want to race under other people's names. If I win a championship, I don't want it to say "K.Raikkonen" won. I want it to say "M.Leahy" won. It's also tough to get a large enough grid for the reasons that Jatko and Silver said.
But maybe it'll work. You might even get some people from oneGP. Actualy, it might be a good idea to have your series start when the oneGP season ends (which is in 2 weeks) so that the scheduals of BF1 drivers don't conflict.
Join oneGP! =)