I'd recommend talking to Ixtec about this, he runs the monk festivals. It seems to be a good idea, and I'm behind it. Could add a bit of flare to the weekly events. I'll get Ixtec to give his thoughts and comment on this.
While I, personally, would want this to wait until 4.0, you're free to start preparing for it. The reason for that is almost all of our builders(that aren't working on 4.0) are tied up with the server's antag/protag questline building.