Let me tell you how it works, as it has been done twice before in the little time I am around here:
You decide to be in favouir of one mining faction.
You make a Vigilante ID, "Mining Faction X"-IFF
You start hunting all other miners in the system.
It's (in my opinion) not covered at all in the ID, but admins did not sanction the BMM-Vigilantes, nor did they sanction the Kruger-Vigilantes. So it seems what they are doing is covered by the ID.
So... it is a cool concept? no.
It's been done before and it's just exploiting a loophole in the Vigilante-ID. I was also told that the new Vigilante ID will not allow to be abused for a terror-ID. But I am not sure whether that really is the case.
If you hunt miners, you can go for BMM (they are few, and pressed hard enough atm), Kruger (they are hardly on the server), or IMG (they are online more often, but recently dropped activity dratsically), or GMS (which is shot at by all Sirius).
See? You can just line up and try to snac a few... until no one logs any more, your char loses it's reason to exist and you stop it. With more and more hunters against a decreasing population of prey, you will be starving soon.
Give it a try, if you want. But I don't see how a faction of these can possibly succeed.