Organic Blogs: True Multi-Blogging on Drupal...based off of OG?

So I read a lot of posts decrying Drupal's lack of any true multiblogging function. The blog module lets individual users keep a blog, but it doesn't profile for discrete, standalone blogs.

I've looked into taxonomy-based approaches and they don't get there either.

But Organic Groups is more or less exactly what we need, we just need it to do what it's doing now a little bit differently/

What if there was an "Organic Blogs" module that was basically a reworking of Organic Groups?

-Instead of group manager, you'd have the blog editor.
-Instead of joining the group, you'd subscribe to it.
-Subscribers could then be promoted to blog contributors by the blog editor.

As you can see, it wouldn't take a whole lot of original work to get this going, just renaming functions in OG. You might be able to get rid of some functions along the way, too.

Why wait for someone to build the ultimate multiblogging module, when it's already right in front of us? It just needs to be reworked so it can run on the same drupal install as OG.

Note: I have no idea if there are rules against building a project on the back of another one like this. It just seems like it'd be a quick and effective way to get this function into Drupal.

Thoughts?