That was originally the plan in this thread, but there were concerns about people losing interest in a 2+ month competition, as well people eager to do this much faster. Ultimately, I went with 1 week per 2 badges, which was generally settled on as a good speed in that thread and on IRC. If people have trouble making deadlines, I'll probably extend them, however.
If you're working on something that is very detailed and complex that will take more than a month to create, it might be better off as its own thread once it is completed (akin to a warstory in the Smogon Metagames forum). Actually, if enough people made good Let's Plays, I was thinking about making a Let's Play Archive anyway :P
If this competition is a bit too quick for your schedule, don't worry. There are other fun competitions in the works for OI ^.^