I love this idea! I've seen recipe scrapbooks before-- two different ways:
1.) A group of friends each scraps a favorite recipe onto a set number of pages, then everyone trades. You end up with a whole scrapbook of your friends' favorite recipes.
2.) As family heritage cookbooks. Each page contains a photo of the person the recipe came from, or else a little anecdote about the recipe/ cook.
I love this idea, I just haven't gotten around to making one yet.
I have vague plans to do one when my sister gets engaged (which will be soon). I thought it would be a fun shower gift to ask everyone to contribute a recipe. Participants could either scrap their own pages, or else just bring the recipe on a card and I could put them into some pre-made pages.