That's basically a sprint retro, no?
I am thinking more a way of allowing a single CTO to engage regularly with individuals, less time consuming than 1:1, more free flowing and technically focused - a discussion on what are good or bad or crazy approaches.
Again the main things not to do are give the answers nor set deadlines. That's for the team / coders to do.
I think I see a blog post sized comment coming so will stop now :-)