This is a really interesting concept, and I gotta give the founder credit for trying it.  
The TTXGP is allowing the public to write rules via a wiki.  There is a 'super editor' who will review everything and technical standards will also be reviewed.  
More info:  http://www.clutchandchrome.com/News/MotorcycleNews100023.htm (http://www.clutchandchrome.com/News/MotorcycleNews100023.htm) 
Here's the link to the wiki:  http://www.egrandprix.com/wiki/index.php?title=Main_Page (http://www.egrandprix.com/wiki/index.php?title=Main_Page)
			
			
			
				Hey, I know a few...
All bikes to be dyno'ed after each race.
When the pace car comes onto the course, it shall be treated as a waving yellow flag...we could do waving yellow flags, but we think a pace car will be more noticeable.
Racers shall start each race with a rolling start.
Hey, those sound kind of familiar...
			
			
			
				Pretty cool idea, in any event.