I go for a NO
While it's understandable that CX would like to maximize revenue, as many posts above has said, this will be a net loss rather than a gain. Simply put, assuming ticketing restriction is not a concern, an E class ticket should generate more revenue than a V (or M) class ticket + extra revenue from bidding (else the pax should just go for E directly). If this is only limited to MPC elites or MPC elites get higher chance to win the bid, given the 24 / 72 hours guaranteed seat, this problem will only be magnified.
If the proposed system will take into account MPC status, original fare class etc etc, then 1. the system will be too complicated; 2. Why not just simply send out paid upgrade offer invitation to individual members with a system pre-determined price calculated based on original fare class / fare paid (i.e. price will vary from member to member), with DM first getting invitation then GO then etc etc? With DM getting invitation first they can choose to take the upgrade at a discounted price ahead (or pay to get a guaranteed op-up), but they can also bet no (or not enough) lower-tier members take the offer and at last still get op-up at gate.
That said, again, I still go for a NO. If CX really want to push such complex stuff I think that this should ONLY be offered when an op-up is unavoidable.
At the end I believe in what CX has always been doing (aside from occasionally being broken by shouting and mind-losing insane passenger at check-in counter): Sit in what you paid for when you ticket the ticket
*** Some more thoughts after pressing Post
By saying "complex" I also mean something after the process is done. Given that many DM / GO are business travelers and their ticket allows rebook or even no-/go-show for free (and happens every day), if such system is implemented what will happen to a no-/go-show or more commonly a rebooking if an upgrade is obtained? Forfeiture of the one-time upgrade fee paid like the luggage allowance purchased from a budgeted airline? Carry forward to the rescheduled flight so it becomes a cheap way to upgrade the booking class? Refund after deduction of handling charge (and therefore encouraging time fixed traveler like going for a vacation who originally may book a higher class fare to book a low fare class and try to bid for an upgrade)?
To conclude I can only say this is a bad idea from every perspective. What others do not necessarily suits CX