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Lemmy is not only like Reddit, but it is open source and funded with donations and decentralised. It can't be shut down and is the closest thing so far to a social media in the hands of the user. If anything, it's better than what Reddit could dream to be.
To add, naming your 'Reddit' after Spez kinda smells like bad break up and 'Reddit clone' and not its own thing. It will forever live in the shadow of Reddit with Spez being a constant reminder to anyone that would use it. If you're looking to join a clone there are quite a few floating around waiting for more users to help gain traction.
The problem is with them and your idea: what happens when you start hitting over a million users and your server costs skyrocket and you need to pay for that? Ads, shareholders, subscriptions.
Why don't you explore Lemmy a little further, you may be sitting on your solution already.