Sounds like a cool idea. I encourage you to try. It would be cool in the future to have some easy tool to start a personal Internet Space built on top of some open protocols to easily communicate and share data but still own the thing.
I'm in the process of gathering some friends and we plan to start a blog/newsletter, just for us. We're going to share our projects, achievements and cool stuff we enjoy. We've already had a small success - I connected two of my friends who study Psychology and Biomedical Engineering at different universities and together we're going to write an article about differences in brain structure and behavior.