This would produce discontinuity and vastly different levels of quality from day to day.

Probably. American comics do not maintain a single artist or writer over their entire run, usually, even creator-dominated comics like Neil Gaiman's Sandman rotate all positions (although there were far more artists than writers for Sandman, IIRC), but the turnover tends to be over many issues/months or years, and I imagine their general skill level would be much higher than a LW collective.