I for one greatly like this suggestion. Even if it had to be scaled fown for the present-day limitations.
The idea of being able to deligate authority of various ship components to "real" bridge officers would be fascinating. However, it does seem that it may be the ultimate issue of "why do you get to be Captain? Again...". Actually a space simulator would lend itself rather greatly to a multi-component aspect. Each component could be a program that could be launched on another computer and networked into the "mainframe". Ideally, for more realism, these would be in the same room - but not a necessity. I also can imaging a room retrofitted as a bridge. With a large screen TV, multiple touch screen monitors, and a few friends flying the galaxy. All the sudden a ship appears on scanners. They hail them (over video chat). And it's another group of friends that took damage during a fight....
I think the harder issue, than programming the multiple consoles, is to actualy immerse each player in the game. Whether they are the Captain or the Engineer. The Captain has constant decisions to make regarding every system on the ship. The engineer has one. If we could have explosions and simulated effects, that would definitely make things more exciting.... but ultimately, I would want to be Captain and most others would as well.
My best guess is that such a simulator would have to be an entirely different project just because the dynamics of the entire system would be changed. But it would be a fun one.