I don't think this is too theoretical at all. I do, however, see a problem with convincing the media to play along. Over the years (I think fueled by television and the sense of importance many in the media developed during the 1960s and passed on to their successors) I believe that the media has gotten away from the role of passive observer (except in their own rhetoric) and has graduated to at least passive participant in much of what we see. I'm not sure they'd be willing to surrender or share even a small bit of that power even in the role of saving the greater good, because that would also involve them admitting that they are not the passive observers they would like us to believe they are.

Outside of the MSM, I think you see some of the same tendencies, although the biases are much more clear and accepted by many of the bloggers themselves. They might be more open to such an approach.