I think no matter what you send around you risk this happening. Imagine sending around a 3 ring binder where each person adds a recipe and a picture of them making it, then sends it along to the next person. Eventually you would have one large cook book of great original recipes, pictures included.
It wouldn't take much for a person like the last one to turn it into a structured cookbook and run around selling it on Ebay or something.
I think we need something of the opposite, instead of something that grows as it gets passed around it should be something that each of us gets a 'piece' of as it gets passed around.