I think there is a huge potential in this idea.
There are lot of modules on d.o that are not maintened, and lot more code never published.
A true "recycling drupal code factory" could have several benefits :
To allow the drupal community to better understand the general needs behind lots of "custom modules", reuse some code but also some conception work.
For the beginners users of d.o, a smaller list of contributed modules really maintened instead of a large list of 2000 modules with lot of weird modules would be a huge time saving.
Think also about all the carbone that need to be rejected in order that a human brain can produce code...
Why not just create a web site called "recyclingdrupalcodefactory.com" and see what happens as a proof of concept ?
Then show it to drupal association and if it is succesful ask to be integrated as a subdomain of drupal.org ?