A word of caution about the name and approach. You'll find when fundraising that branding yourself as "ycreject.com" will make it very hard to raise funding. VCs and Angels are going to think, "if YC wouldn't give them money, why should I give them a much larger amount of money?"

I don't think it's controversial to say that most angels and VCs suffer from group-think and an over-reliance on social proof. That's why finding your first investor is the hardest.

This concept will be perfect for boot-strapers, but not good for someone looking for funding. You'd be better off avoiding all relation to YC and branding yourself as some sort of unaffiliated startup co-op.