I think it is perfectly doable to have a multi make serie, and actually think it would probably be doable to have a junior serie with each team designing and building its own car.
But it will only work if the serie is seen as THE stepping stone to F1. In that case every driver with sponsorship money (from a sponsor, daddy or OEM support) will be looking for a seat.
You will also have to accept that there will be teams with awfull cars, unreliable engines and constant out of money.
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