At least I would seriously consider worse paid job that I like, rather than having to do something I don't like - I currently work full-time as Linux programmer, there definitely are lots of worse but perhaps better paid programming-related jobs available.
Also I assume that the work would be done "from home", also that must be worth something (and as with previous one, justify somewhat smaller salary)
And fair or not - no-one is forced to accept this offer!
Another way of doing this might be getting an interested developer do some approximations about amount of work needed for various milestones (working hello, world, something graphical successfully drawn etc.) and put bounties on those - maybe in addition to basic (low) salary.
I guess the best way to do it would be to get one interested developer / group working on it rather than (potentially) having many people working on separate implementations of same thing, competiting againist each other for "who makes it first and gets the bounty", afraid to share any progress with others, as that could be used to "steal" the bounty.
