1. The hypothetical example you give about the Financial Times writing favorable stories for investors is an example of conflict of interest, which is a different issue than the elitist exclusivity discussed last thread. (And much more gray)
2. As noted in the previous thread, both Reddit and Hacker News are transparent in terms of submission moderation, which is what is being proposed here. (Albeit less modern)
3. Having an anonymous account post this Google Doc does not build trust in that you could build a competitor. There is more to building a link aggregator ranking system than following a Rails tutorial.
4. Having random people come together to build an idea just because they can doesn't work well. That's why Idea Sundays stopped on HN.
My dream startup would be an optimized link aggregator; the use of upvotes as a statistic for quality is why I spent so much time doing data analysis on Reddit and HN data. But this isn't the way to build a competitor.