anyone ever tried this before??? what is that chance this can be made a meaningful way to keep/edit information

I'd say monitor it VERY close.

it was up on the screen with the video so it could be seen an monitered

I know that TeachaKidd has discussed a variety of sites to do this exact same thing. If you can at least copy/paste it, I would say go for

it. After all, it would allow someone to go back and see what was missed or add to prior discussion with new information.

I read the transcript. Difficult for me to follow because I didn't know the content of the video they were responding to.