It’s wrong on the most important level so it’s a big no from me.
There’s a word missing out of the OP’s post:
Basically a World Cup for SELECTED clubs.
My idea for a real World Club competition is as follows:
There’s 6 confederations, 2 from each (For UEFA, CL and Europa winners) split into 2 groups of six. Play each other once, 2 home, 2 away 1 on a neutral continent. Top 2 from each group play top 2 from other group, 1 off semi final neutral again. Final at pre- determined venue.
To get a global reach the neutral venues could be Hong Kong, Japan, Australia, UAE, USA or wherever FIFA wants to broaden the game.
The 2 teams do not play CL that season but the CL winner gets qualification for the season after (cos they replace the next winner who is in this cup instead). Likewise EL winner goes back into EL if not qualified for CL on their own merit. (Club retains the club coefficient )
Yes, it’s a lot of travelling as only 2 games are at home and we’d get a tough away game before and after knowing our luck, but if they are insistent on this then this is a fairer option.