Fantastic idea. Not only allowing the audience a view of what they say, but 'how' they are when they say it. Is a LOL really a LOL?

Blows it wide open for the story threads too. A sub-stage where the action is taking place as it's being written. You can get a glimpse of characters, as well as the characters that are writing them.

I agree with gnu, keep the laughs, it's what holds the place together.

~J