Good idea on removing the ads for now. At the very least, you shouldn't show ads to people who are supposed to help contribute. They're already "paying" you that way.
As for the concept itself, I don't see why it wouldn't work, but right now you don't have enough in place to demonstrate it either way. Why not create a sample novel (or part of one) to show how this is meant to work? What you have right now is incredibly sparse.