In terms of creating your own site, a few researchers [1,2] have already done this and have some interesting work. But even with that, you still have the problem of accounting for position bias within the site (like HN doesn't really know if you skimmed the title of an article and decided to ignore it, or never read the title at all). But the experimental power you get with that is pretty cool.
And I have totally read that Facebook cascades paper and have more than a few thoughts about it. In fact, I have adapted their prediction-style results to the MusicLab data and you get really strong predictive accuracy (like 90-95% in terms of predicting whether a song will eventually be above the median popularity). However the accuracy you would achieve on Reddit or Hacker News data is considerably lower. I didn't really include those results in my paper because I'm not sure how they fit yet.
If I had one critique (which is not really a critique but a comment) is that the Facebook study doesn't really contradict Watts' point that popularity is hard to predict. The Facebook study shows that if you can observe the "initial conditions", then you can predict eventual outcomes pretty well but that's directly in line with the rich-get-richer effect that Watts et el demonstrate. To put it pithily, its easy to predict who gets richer if you observe who is rich.
Anyway, I could geek out about this for a long time but feel free to drop me an email at stoddardg [at] gmail.com if you're interested in chatting some more.
[1]: http://arxiv.org/pdf/1410.6744.pdf [2]: http://journals.plos.org/plosone/article?id=10.1371/journal....