I did once - not long ago, in fact - see someone after getting their character app rejected from an RP, go and create a blatant and far inferior knock-off of the same RP. And in the Advanced section at that, when it was [i]barely[/i] 'free' in terms of its' coherence and clarity. 
Obviously, it didn't get very far at all. And AFAIK, the person behind it pretty much turned out to be a troll anyway, based on my own experiences with them. 
But it seemed somewhat relevant to the conversation, given we're talking about people creating knock-off or clones of ideas of other people's work, and it was a relevant example of something that seems a bit... I don't know, sad and kind of lame.
Create something similar by all means; lord knows there's a lot of RPs that have very similar elements at any given time, much like how there are always 'mockbusters' when a big movie or TV Show comes out and is popular. But at least [i]try[/i] and make an effort to make it something distinct and creative if you're actually serious about running something.