It's live and needs love.
Still haven't given away the extra Phoenix Hatchling I have, though I haven't tried too hard. Also not exactly sure how this idea will ultimately play out, but I haven't given up on it yet. Even if we can use the idea to swap pets that are easier to get based on which faction your play...or perhaps now since it's quite painless to roll a toon and acquire the meager funds needed to buy vendor pets.
But...the idea won't last long if I'm the only contributing. I'm limited by a finite number of tradeable, duplicate pets at the moment.
I realize I could easily cage and sell them in the auction house, but that's self-serving and not as much fun. To me.