YES! I've been interested in "local currencies" but I've never really seen one take off. I encountered one here in Denver, once - and then never again. For that program, they had printed little currency "dollars" rather than keep a ledger, which might be easier to manage but negate your idea about depreciation.
Another thing to research might be "time banks" as that is a part of your idea. I wish there was more of those, too. Like, if I could volunteer some hours helping at the vet's office in order to get care for my cats, that would be AWESOME. Vet care is SO expensive in fiat.
One of the best things about these systems is that they value EVERYONE'S labor. At least in the systems I've seen, an hour in the time bank is an hour in the time bank, whether that's doing work that would be paid a lot in fiat, or not, if that were your "job."