I don't see the utility of "Observing" a game , it's much more fun to play it eh ?
But even if you weren't talking about that at all , you said a "3rd Team" , THIS would be truly amazing to play with more than 2 teams [Even if we can do it with the GEM editor]
Back to your idea , like I said , I don't see the utility of observing a game but if you like to watch games then yeah ... It would be good for you and every people that does