I think it would. I would love to have a coop tool library / repair shop / design shop. Something I want to get into is open-source ag hardware, and a co-op shop would be a good place to pilot designs without one individual having to sink hundreds of hours and thousands of dollars into making a piece of equipment that may or may not work. Even without designing new stuff though, a shared equipment library would be nice.
The downside is that sometimes, people borrow equipment without knowing how to use it, and if you use farming equipment without knowing how to use it, you can destroy thousands of dollars worth of gear and/or get people killed. This happens occasionally even with informal loans among acquaintences, I've had my own close shaves. Almost literally, I've had equipment break and send pieces of metal flying right next to my head. I don't know how I would go about sending out that kind of equipment confident that the users were equipped to use it safely.