I wouldn't mind playing such a game...sure it would take a long period of commitment, but then I can do that and do so with diplomacy games.
I would advise some rules put into any such multiplayer game as certain aspects of the game are open to abuse. For one...no data-links, way to go any eliminate any surprise.
In one multiplayer game with my brother, he was Morgan, I was the University he was doing much better than myself, in great part due to Morgan being brilliant and the Believers giving me quite a few little headaches.
Essentially the situation was this, that he had datalinks with me so he could see in each of my bases. He had several planet busters...I had one, hidden away. He threatened war if I build any more. 1 planet buster wouldn't be enough to separate our landmasses so I needed the second. As he had data-links I had to opt for the option of naming my planet-buster "fusion rover" to avoid detection by means of a brief scan of my cities.
How sad it was that a turn before completion, my brother stumbled across the true nature of this "fusion rover" and sent in the troops having discovered the airbase my other planet buster was stored on by means of an exploratory probe team.
There are a few areas of the game that work particularly poorly with MP, especially as he who strikes first in a war has such a vast advantage...
Perhaps an easier/better option would be another Civ/Smac succession game done with the same level of quality as "Sparta: Glocks for all" that myself Dreadhead, Hippo and company played in.
Link to that classic thread:
http://forums.civfanatics.com/showthread.php?t=4577
