As for the specific Idea, I can see some big problems (and bear in mind that, as a member in good standing of the IWOC, I actually LIKE the idea of a Wizard of Oz comic)
First, as long as Namesake is still active, a lot of peoples attitudes would be "do we really need another Oz themed webcomic?" Parallels are sure to be drawn, and frankly I'm not sure Bleed's version would come out looking the winner.
Second, on which version of Oz would the comic be based. If you mean the MGM movie, I'm not sure there's enough there to make a webcomic (well, not a particularly long running one) Maguire's version isn't really compatible with Bleeds method, I think (not enough young characters). And as for Baum's books themselves, I'm not 100% sure that Bleed wouldn't have trouble finding the source material (while Beeare is the writer, I would imagine Bleed needs at least some familiarity with the source material to be able to draw). I'm not even 100% sure the post Wizard books have ever been PUBLISHED in the Phillipines. They have been published in Japan, but even assuming Bleed has acess to Japanese books, he'd have some trouble getting most of the titles. The Hayakawa versions have been out of print for years (there still available secondhand, but a lot of them are rather expensive and hard to get by now) and the Propura Shadako version isn't slated to finish Baum's 14 until December of Next Year. Most of the post Wizard books are available in Chinese and Korean as well (forgive me if I am being ridicullous but I an trying to cover all bases; I honestly don't know what languages Bleed reads in for preference.) but those are even HARDER to find than the Japanese ones. He probably could read the text of a lot of them online (though Gutenberg etc.) but not all (a lot of the Thompson stuff is still under copyright)
"For I have heard the Song of War, and to me, it sounds just like "Please, Mister Custer.""
Cogito Ergot Sum, "I think there is something wrong with this rye bread." (Aplogies to Seafrol.)