Its a decent idea but a couple of notes;
1) You dumped this in the wrong forum.
2) There are a lot of initiatives like this, blog carnivals and such.
3) You wont generate a lot of traffic to other sites if you have 50 of them listed, the same goes for other people. This has a critical mass of effectiveness, what is happening right now with linking to blogs you like/are like minded works better because you get a direct contact to the other blogger. If he likes your work he might return the favor.
Just some thoughts.
