I like the idea but depending on how many we are who share it, the password is a problem I agree, I mean, you can log on and instantly delete videos and stuff.
Playlists that group our videos together might be better? I already have a Blacraft playlist that I put other people's Blacraft videos on too for example.
If we make the account, maybe it could instead of holding all the videos, just hold playlists of other people's videos. You can still display such playlists on the channel page, but making playlists is much faster than uploading a lot of videos, so there'd less to lose.