I have an older version of a similar idea in a text file from when I was Dev Admin of Classic:

Onnet Bounty Hunting

• player submits rupees
• player cannot collect his/her own set bounty.
• everyone who accepts bounty assignment collects bounty for every 2-1 kills of bounty:total deaths ratio
• bounty cannot be bounty again for 36 hours
• bounty hunting lasts one hour.
• trials can't set bounty.
• three bounties at once