This seems like a a great idea and a lot of fun. Something I would personally participate in on both the watching and the streaming side. The only concern I think I would have is that of API key / password exposure. It would be up to the developer to be very careful not to accidentally switch to a config file in their editor or whatever.
The sensitive information issue is certainly a valid concern and something I'd be worried about personally too when streaming. I'm not sure how we'd solve this in the long term, initially though it'd probably just be down to streamer education.