We have Boozy Book Fair in my town which meets at a local establishment. You may have a drink or two if you like, take a book and choose a book. Only happens a few times a year. A book trade would be fun. I probably would not participate. When I am done with my books I take them to my library for our yearly book sale. And of course I keep many of my books, cannot part with them!! Retired librarian that likes to be surrounded with books!
I won’t personally trade as I give any non ARC books I have purchased or received to the library I grew up in or to my current local library if either doesn’t have a copy. ARCs I give to friends or to the libraries which use them as prizes or put on their giveaway cart. It sounds like a good idea for those who are wanting a specific book.
It could work if enough of us keep the books we received. Perhaps there should be a time frame for the trade, and if you get positive feedback, have another.