No legitimate investor would find this exercise to be worthwhile nor would any legitimate entrepreneur find this to be worthwhile.
VC may not be the best route for this particular investor, anyway. If s/he wants to play around in the dirt with early stage startups, angel investing would be considerably more rewarding, I'd think.
I suppose it would work for angels, but I don't see how this approach beats the rich systems that AngelList or Gust offer.