Chris,  To address your statement:
"Would there not be any regulatory body, or other organization interested
enough to set this up?"
I don't perceive there being enough scientific or intrinsic value to this from
an institutions perspective.  It would probably have to be someone's pet
project that they let them do on the side.  If an organization tried to do it,
most of the members would be against it as frivolous & non-scientific.

Case in point is the clouded history of:  Mollusks: Common & Scientific Names
of Aquatic Invertebrates from the United States & Canada.
Hierarchy of organizations involved:
  AMU   American Malacological Union
     CSM   Council of Systematic Malacologists
       CNC   Committee on Common Names of Mollusks
  AFS   American Fisheries Society
     CNAI    Committee on Names of Aquatic Invertebrates

This is a very abbreviated version, I will e-mail a full text to any requestor
([log in to unmask])

The Common Names project was performed through organizations by committees.
Government agencies like the Nat’l Marine Fisheries Serv had discussed for
years that they wanted common names for species to satisfy the needs of
politicians & legislation requirements on US wildlife other than fish. At that
time anybody & everybody seemed to be creating names, some rather whimsical
(e.g. "pisser clam" etc)  A Mussel in Ohio could be called something different
in Kentucky so they wanted a standardized checklist.

In 1978 CNC was formed. The AMU membership debated & ultimately concluded its
members should guide the project. However, some of the officers & members of
AMU thought that AMU should not be involved in the project at all & were
actively opposed to it. The compelling argument was that it is going to be done
& as such should be by Malacologists & not bureaucrats.  In 1982, Donna Turgeon
presented the AFS’s initiative to the AMU & CSM & said that the AFS project
would be done with or without them.

Somewhere along the line, there was an ideology transition from it being a list
of North American species list with common names only for commercially valuable
or endangered species, etc., to a name for every shell.  How & why this changed
is uncertain.  As time went by, little was done through AMU/CSM except for the
annual committee meetings.  Once Dr. Turgeon became the AMU committee Chair
things finally got rolling.

Seeing a business opportunity, Tucker Abbott unsuccessfully tried to get this
as a publication of AMI. Also Tucker did not like some of the AFS Principles &
Rules Governing the Selection of Common Names & create controversy in the
group.  Specifically, he did not like the rule on patronyms that "Names
intended to honor persons are discouraged in that they are without descriptive
value". Many of Tucker's patronymic common names were retained, however, under
an exception to the principle since they were well established in the
literature.  Tucker is not listed among the final (1985) committee members, as
an editor, or a reviewer, but is cited for his work with the Marine Bivalves
list; but the 1998 - 2nd ed is dedicated to him.

Finally in 1988 after 10 years & a cost of about $30k it came off press through
AFS. The 1st Ed has 277 pg, 14 pl, covers 5700 sp, 332 fam, 31 orders, & all 6
classes.  None of the authors benefited financially from it.