What you're talking about is more or less the Tasman 5000 open wheeler formula of the 1970's when all the V8's were 5Ltr alloy V8's built by Repco (not absolutely sure but I believe they were based on the alloy engine from the Leyland P76). The difference being that the chassis design was still open to interpretation which still made for competitiveness between manufactures. If you take out all the "edge" between teams then you may as well only have one brand or type of car available to all.
And as far as Honda is concerned it could provide V8's, as it does so to Indy racing.
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