There's already a system somewhat like that in place and it was actually referenced in the article. Wikisource (http://wikisource.org http://wikisource.org) is

There's already a system somewhat like that in place and it was actually referenced in the article. Wikisource (http://wikisource.org http://wikisource.org) is run by the same nonprofit as Wikipedia, and has a pretty robust system for pairing up side by side transcribed texts and scans. Someone's already started the germ of a Phil. Trans. library (http://en.wikisource.org/wiki/Philosophical_Transactions http://en.wikisource.org/wiki/Philosophical_Transactions). At present the first volume is done and about forty volumes (http://en.wikisource.org/wiki/Index:Philosophical_Transactions_-_Volume_001.djvu http://en.wikisource.org/wiki/Index:Philosophical_Transactio...) are uploaded and ready for users to transcribe.