My question would be: assuming you want to, how do you scale it? There's such an individual toy-by-toy creative aspect to it. Also, the potential for building brands seems pretty spectacular. Stuffed toy is just one step, you could add stories, games, episodes...this could be to disney what 99designs is to graphic designers :)
In the meantime, a 99designs for people with time, knitting needles and sewing machines seems like a lovely idea, and easy to achieve.