I don't know whether that has been suggested, but it sounds brilliant to me, but it of course would need approval of the writers of lyrics, so i think they should select which lyrics they want to enter this?
and then of course, the writers of the lyrics often have an idea of what kind of music or a preference for what kind music should go with the lyrics. But if they would be prepared to give everyone a go at their lyrics, i think it could lead to very interesting collaborations, and perhaps also different versions of the same lyrics