Code analysis is a component of determining the validity of a project yes, however, setting expectations and looking at the behavioral characteristics of new launch devs/promoters can shed light where it needs to be directed. As we have seen, a majority of scam coins dwell very little on the product they are offering and instead direct emphasis on promises of the unattainable. - Developing a reliable service to root out scams using a reliable and reusable template will provide a valuable service and add value to GPC (especially when partnered with others like CoinsSource and POD)
I feel I can add a unique perspective to the psychology of this space and root out the bad and identify the good. As this is a group application, if value is built and members like you contribute, we can attract the right resources to drill down the code.
Lets face it, its an information vacuum out there.
It is worthwhile to a certain degree, yeah... I just know I personally wish new coins were reviewed by a coder ... then I'd consider it a bit more trustworthy. I know one guy out there has been reviewing some coins for free, so maybe see if you can join up with him or something. I forget his username, but he's posted here in the altcoin forum a bit.
The only other issue you may run into is that people may not care. I know it sounds odd, as people cry scam here seemingly all the time. But to them, scam means 'I lost money on this coin'. Not that the dev was pulling a scam.
And a lot of times people seem to look the other way even when the coin they have invested in or promoting is clearly on the scammy side of things. I recall during the early days of the anonymity craze, certain coins, like liberty/dream/bank coin all made wild promises -- I believe all three promised zerocoin compatibility and in bankcoin's case, they threw in darksend. Nevermind that darksend wasn't opensourced yet, and zerocoin didn't actually exist. Even with those facts provided, people looked the other way. So long as the coins were being pumped, they turned a blind eye, cried 'fud' and so on.
I don't mean this to sound like this project isn't worth doing. Just saying that you should have realistic expectations.
Edit: And here is the guy doing code reviews that I was referring to --
https://bitcointalksearch.org/topic/code-reviews-for-altcoins-748766