Wasn't this the same reasoning behind TGP2 & the very short lived LinkList2?
Had these ideas come out in 96 or 97, then maybe they would have worked. But, even if they did, you'd find webmasters do the "free" thing with sites & galleries knowing that it'd attract a lot of surfers.
Plus, you'll never, ever, get "everyone" to do it, and that's the only way it'd work.