I think the idea is fantastic. Unfortunately I was never involved in any, I'm involved in Rune-Book and think such ideas would be a great way to include the community in the Lore community.
For example: I currently Rp as both Cho'gath and a Watcher named Summoner Aima, who takes him out into society based on his 'Good Behavior' and such. I think small details from the community could vastly improve the world.
It doesn't have to be dramatic changes, I just think that creating some more details about an individual champion would do everyone a lot of good.