We did this in high school and had an almost identical format to this. Our director would reveal a list of requirements at the beginning of the 24 hours such as "Must include a group musical number" "A whole show must use at least 4 puppets" etc. We had a really strong tech program so we even built pretty complex sets, how tech heavy are your productions? I've seen some forms of this but the actors just wear blacks on an empty stage and have their script in hand.