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I've thought about the concept a few times, but a little differently. Something like get a few people together and they're all assigned to different channels. It would be interesting to see how every would put their own flare into what someone has laid out for them (or, for the case of the first composer, lay out their own style and see how others follow up).
Rambling aside, the song is decent, but you should watch to make sure it isn't empty, you know, to keep interest. You should also be careful to make sure some notes don't dissonate (yes that is a word firefox), because there's a couple instances where that does indeed happen with this piece. That being said I can't tell when one artist picked up and the other left off, so I suppose it's a success when it comes to the parts meshing together.