Personally, I would be interested in seeing this, but it sounds more like something that would play on the Discovery Channel. Looking at it realistically, one of the reasons Survivor is a hit show on network TV is because the attractive people wearing skimpy clothes, the water challenges (these two are somewhat related), and some of the scenic shots. How many people are going to tune in to see Amber Brkich or Jenna Morasca run around in a swimsuit? How many are going to tune in to see them bundled up in a parka?
It's an interesting idea, and might be worth a try for a challenge or an episode, but I think they would lose too much trying to get an entire season out of this.