A few musings that concern me.

1st and foremost. Who is the 3rd party? And who selects them?
If the league manager does it, how is anyone to agree that the selection of that individual was fair, and unbiased?
Some pools venture a lot of money at stake, some as high as 1500$ for leagues of 8-16 teams. Try to get them to believe it is fair.
Even if it was an esteemed and credited individual in the fantasy sports world, such as Dobbs (since he had responded) does he want to do that for every league that wants to adopt that system.
Will there be a monetary compensation for such services? (Dobber you can thank me for that later), and where does that compensation come from?

Also, who is to say which players qualify?
Crosby Malkin and Ovechkin are good candidates, so is Tavares. What about Thornton. He still has 10 years in him and scores over 100 a season. Why isnt he considered? Why not do that for all players who score over 100. Or at least one waiver/wire player per team so that every body has a shot at a top player.

Is there a league wide vote, or is there a directive from the pool manager? Are goalies considered?

To me it is inventive. But it seems like it will cause strife among leagues that either have managers that do not know each other well or when a lot of money is at stake.

I also disagree with the notion that as more teams join the league, the impact of that player drops. In fact it is quite the contrary. It is a thinning out of the talent pool that causes performance issues, just like the reality of the NHL each time expansion happens. When there are a lot of teams that spread the talent out a guy like Crosby et al will only have more of an impact as the gap in production between him and the next guy increases. And the guy drafting second or third or more over 6th or later really gets hit with the difference as it is much harder for him/her to draft another quality player close in parity to close the gap.

All in all it really depends on the league scoring rules. But typical leagues like yahoo ten category leagues would suffer huge.