It might work, but it should never be attempted.
Social structures and cultures should evolve naturally, not be designed to satisfy the agendas of those who won't be living in them. What you propose is not something like a constitution, or the Mayflower Compact, or any other amendable political document arrived at by human compromise and which can be abandoned by simply moving somewhere else. You're discussing building a new society from scratch, without the consent, or even the knowledge, of the participants. And you are expecting them to discard the entire accumulated experience of the race, which I suspect might come in handy somewhere down the line. Like I said, that is really creepy. If that's what it takes for people to go to the stars, then we have no business out there.