Not a chance it would survive. Google has enough problems fighting SEO right now and they don't publish their algorithm and have incredibly deep pockets.
Personally, I don't want "The page rank algorithm" I want 100 page rank algorithms made by 100 people. Transparency is important, but I think competition is more important.
The question is whether this would work in an adversarial setting where every party tries to inflate their page rankings by any trick they can find.