I cant think of a better way to learn actually. No one wants to write an a -z manual, its time consuming plus if its out there in the public it quickly becomes obsolete. I think it would be amazing to be on a team with some of the seasoned vets, you are going to pick up things you never knew about. There are other things that I have been an expert on and I was in no hurry to teach everyone that asked everything I knew about everything, it created a ton of competition, plus it made me like everyone else, and lets face it, its nice to teach a couple people what you know and watch them grow, but not everyone. I think this would really showcase what people can do, and teach a select group of cool, motivated people some new and old tricks. I think even the losing team would be winners in the end, sorry if thats corny but I think its a great idea.
If anyone is allowed to participate - I am a PPC manager for a web agency, so I think I would be better suited for the whitehat team, I would obviously prefer to be on the black hat because that is what I am interested in, but far as providing value.. well..
I do think the blackhat team is going to clean the floor with the whitehat team, at least in the short term, its the tortoise and the hare.