I think it has been done, yes
/edit: but as I recall, it had a slightly different form. It was a magazine about magazines.
(
mediocre ha ha ha, you're reading this,
Sun 21 May 2006, 22:34,
archived)
/slightly related question
Can you enter the compo's more than once?
(
The_Mop,
Sun 21 May 2006, 22:51,
archived)