Hi Joe,
I don't know, mainly because I don't really understand how it'd work in practice. I've looked at the photogallery link and while there are loads of great cars in there, it always seems like a bit of pot luck as to what I get. I quite like browsing through when I've got ten minutes, but that's all I've done there.
I think a blog/photoalbum type of thing would be excellent for documenting a rebuild because it keeps everything in one place and you can see how it comes together. Likewise something like an engine transplant, all the details nicely held together. I'm a great fan of pictures as a method of passing knowledge & techniques around and these sorts of subjects just cry out for a mixture of pictures/sketches with text around them.
Thinking further, it would need some search profiles if it was used for technical mods, etc, otherwise the data would be "lost" to the rest of us unless the owner put up a thread in the general forum ?
So I'm not much help in deciding; personally I welcome new ideas and would suggest if it's not a massive amount of work to give it a shot for a month or so. I'm sure some of us would give it a whirl, you'd get some feedback on how easy folks think it is to operate, you could look at the web stats to see how many use it and then you'd know if it was worthwhile to continue or not ?
Brian