That's exactly how I set up my own league here in the Quad Cities (Eastern Iowa). The "flexible" schedule was VERY popular. We are starting another league in January and we have about twice as many people interested in this one!
We handicapped it so everyone had an equal shot at winning on a weekly basis and in the final standings. Initial rankings were set by the room owner, since he had a good feel for everyone's speed.
We even had a high run bonus ($1 of the $5 weekly dues went to it) which was based on the same hadicaps. Everyone had an equal shot at it. In fact, the guy who won it ran 20...which was not the highest overall run of the season (which I happened to have).
The league really separated the men from the boys. Those that played HARD every week were rewarded. Quality of play was going up each week...not many people play 14.1 anymore so it took everyone a few weeks to learn some do's & don'ts.
For example:
* Some didn't even know the traditional opening break. They do now!
* Most didn't plan the rack out. More do now!
* Most didn't realize the mental focus it takes to play 14.1. They do now.
* Few realized the importance of creating & saving a break ball. They do now!
* Fewer realized the importance of key ball(s). They do now!
* Even fewer realized the importance of taking a scratch. Some do now (they saw me do it).
* Most didn't understand the principle of cleaning up the rails & loose balls before going into the stack again. Some do now...they suffered thru the accidental clusters they created.