Rotating creative team have worked in the past. The Superman books in the 90's (4 titles but essentially handled as a weekly book) are a prime example. And Spider-Man during the "Brain Trust" era a few years back. But I think, in order for it to really work they have to be "main" titles. Superman and Spider-Man works because the teams rotated in the primary places to find stories featuring those characters. If if's going to be in a side title you're going to end up with third tier creators writing "inventory" tales that no-one cares about because they don't "count."
Plus one title shipped 4 times a month shouldn't count as 4 slots in the 52 roster. That's shifty math.