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I'm sure someone has thought of it - creating markets is pretty much the standard econ approach to allocating scarce resources. But I haven't ever seen the idea in any serious policy discussions. I suspect the problem is that the devil is in the details. I'd guess the system would have to be pretty simple to have any hope of passing.
I wonder if I can get any response from the Google policy people if I post some comments on their site? I don't know any of the TechNet folks, but I have exchanged an email or two with Ron Hira. I bet he'd know if anybody has ever talked about doing such a thing.