I proposed something very similar (albeit only at a conference, to a select group of people) after the PDFTribute thing..
It's a great idea, and awesome achievement to go from nothing to working site in under 24 hours.
I think the slowest part of the entire process for us (the pdftribute team) was getting the domain registered, and the DNS propagated. Find some way round that bit, and it'll be awesome.
Instead of asking for 2 years of commercial experience, it'd be better to ask for demonstrable proof of experience with the kinds of situations you'd find after 2 years of working commercially.
Knowing how to rebase in git would spring to mind as a useful skill. Or knowing how to run a code review session.
It's an entirely valid point. I know some devs who are 10 years younger than me, and far better in terms of their rails skills.
I bet they'll put in for a transfer ASAFP now!