Maybe this has already been done

+Each player puts forward 40 nonland cards
+No more than 1 copy of any card in that 40 (possibly 2 total would be available if both picked 1)
+20 must be creatures
+Each player takes turns picking from all the cards (flip a coin to see who goes first)
+20 free basic lands

Gogo wood elemental first pick!

Sounds like a very poorly organized version of Cube Draft using Rochester rules.

This wins. The contest for finding "Least interesting limited variant" is over, we have a champion.

no need to be rude.

as Edacade said, it feels like Cube is gonna fill a lot of the same functions this does while letting you sculpt full environments better. here, you either bring a full strategy and try to collect your own cards or you bring jank and hope to leech off theirs. especially as a two-person format I don't see this gaining much depth beyond that. with a larger group it might work, 'cause you can try to sneak your own thing or just grab the good pieces from everyone else, but it still feels like a less controlled Cube, which is interesting in theory but in practice will probably just be less fun.