Perfect ... EXCEPT ...
Now, I'm NOT a Libertarian, but this is what the concept needs: a laboratory for Libertarians to run things THEIR way and see IF it works out...
Only problem: they would be all for regulation-free fishing, whaling, jelly-fishing, pretty much whatever. And I'm sorry, but there simply are NOT enough fish in the Ocean to satisfy these no-holds-barred folks.
Letting them take what they WILL want, will put an unsustainable load on those resources, which are over-strained as is.