Yes, it could be exploited. Then again, it isn't really "subsidizing" if the total amount a user can earn through this is the beacon fee. How many wallets would someone have to create to actually make cash with this exploit? It also would be a limited project for a certain amount of time. After e.g. 5 days the project doesn't pay out GRC to that CPID anymore.

I agree, it's a wild idea - but I simply wanted to put it out there.