One of our teams had something similar at the Seti Classic era : it was called "les Vieux Croutons" (if someone can translate
). These were quite out of age machines, like a 486DX2 66 that I built to crunch the longest valid Seti wu (3.3x) : something like nearly 14 days of non-stop crunch 
But your concept of CPU revival and hosting at members' is pretty interesting 
I thought
a crouton is something to be found in ones soup or salad.


/completely offtopic/
During Seti Classic I was member of a team called
no disco where we tried to run Seti@home as slow as possible. Most members also used 486 pcs. I did not have one at that time, so instead I used this puppy here:

It could be clocked at 1x bus clock (unlike a Pentium), so I managed to run it at 50 MHz core clock and at this clock it was not faster than an Intel 486 because it had a weak FPU.
Since I wasn't satisfied with its slowness, I wanted to take it to the hilt and managed to install and run SETI@home and Windows 98 on a 386SX with only 5 MB RAM and no floating-point unit present. This thingie was so incredibly slow, it would have taken several months to finish one workunit. Unfortunately it crashed after a few weeks and I never finished a result on it.
As you can see on the link above, I finished a mere 19 Classic workunits on this account, which took me more than 10.000 cpu hours, so on average it took 23 days to finish one unit.
Believe me, I had a lot of fun with this nonsense.
/completely offtopic/
Regards
Alex
Thx a lot, Black Hole Sun, got your message.
Well, just to reply to your last question: Yes, we were aware of that 'deadline', but we didn't care about it, to tell the truth. This team no disco was not really for doing science, only for having fun.
Alex