Allowed? sure, good ratings? probably not. IT'd probably only survive as a spot on Comedy Central's "The Man Show", otherwise you'd have a bunch of zealots, women's rights groups, etc etc saying the show degrades women and so forth and the networks would absolutely cave in on something like that.
Also the way that show looks , would be extremely boring compared to something like Extreme Elimination Challenge. Probably up there with old guys watching swimsuit exercise programs to get their jollies on.