The core idea itself does sound good. There are a few practicality issues though, mainly having the staff hang around for an additional hour, the (current) frequency of shard updates, and probably a number of players who feel they “lose” an hour of playtime. Still, if Nagash or Dreams want to put in the time, I’d be up for trying it.
I wonder if an automated system wouldn’t be better though. An arena of sorts that kicks in on a set hour every day, where items are insured, and PvP interaction is rewarded. Perhaps a setup that would be either deathmatch or team vs team. Something like Capture The Flag with a reward system to attract pretty much everyone.