If this happened, LRC would have to hire extra admins to delete all the threads calling it "Baby Worlds".
The main problem is that the sprints are way more popular than any of the other events. So, any of the meets with the big sprint events would get decent ratings and crowds. But the ones that had a distance event and a throw or jump would not get much interest at all. And then the meets with the big sprints would not get as much interest as the regular WCs because they would be all spread out. T&F can barely get enough people interested in the star packed weekend lineups at WCs. How are they going to generate any interest for a single meet with just a fraction of the competition?
Finally, the concept would not be workable with qualifying and then having heats, semis, etc. at meets that are normally only single day events. You would have to add a second day for a lot of events which would lose money because no one is going to come watch a 100m heat two days before the final at Ostrava or wherever.
So, what's my great idea? I think the off year should be a true world championship in that the season would be structured to have a series of races in a playoff format to have a World Championship where every event is a final. In the spring and early summer, you have a series of qualifier events. Then, everyone gets ranked based on placing and time. Then, you have playoffs among the top athletes. You would take the top 32 sprinters and have 4 seeded semifinal races with the top 4 moving on. At the next meet, you would have the two races with the top 4 moving on to the final. Each meet would be a couple of weeks apart and you could have different events at each playoff meet to mix it up. Then, there would be a single final meet with each event having their final world championship race.
This would be very different from Worlds in that it would take the best of the best regardless of country affiliation. Competition at WCs ends up being watered down because each country is limited in the number of athletes they can send. Also, the finals at WCs are often difficult for the athletes because of the heats, semis, etc. With a playoff format, the WC race would be a single final race with no heats, semis, etc. Everyone would be ready to race and whether someone had a fast heat would not be an issue.
Finally, the event would be action packed. Every race would be a final. You would be able to compress WCs into two nights. Doubling would be easy because the athletes would not have to worry about heats, etc.