A couple of days ago, I wrote about "the resource curse", referencing an article in the Planet Money web site. As a follow up, here's another story on NPR's Planet Money about a proposal by some economists to distribute the proceeds and break the resource curse.
I don't think it would solve the problem of the curse. It removes the incentive for the people to develop anything new. They have a steady stream of income (at a level that may well be above what they have now), and it comes in without any real effort on their part. It may remove the government as the funnel for the funds, but it doesn't create any incentive to diversify.