I love research, and I feel like having all of the sources in one place would save someone writing a paper a lot of searching. Even if it never becomes a widely used website, I feel like it could just be a project I could work on to keep myself busy. Then again, you could always just use the reference section of Wikipedia. Should I do it, or should I devote my time to something else?
Eventually that work of organizing the bibliographie is going to be useful for someone and is a grate insentive for you to keep up date with the latest publications in the area. If you have the time I think you should do it. Also maybe you can find people interested on the same topic that are willing to help, and it can became something collaborative.