A wiki for the game already exists, but it has only 13 pages and it's rarely maintained, if at all. It mostly provides bare-bones info on the game and the functions, with some nice additional things that may be not very obvious. I don't know how accurate all that data is though, as there is no distinction between the base game and the mods, I'd assume it's all about the base game but I'm not sure.
You could try taking a look at it, judging by the "latest activity" it seems nobody is actually maintaining it. As it is, it's at least useful because it links to the base game and the most played mod in this forum.
The problems would be finding editors, having to make different sections for the base game (which is, without disrespect, rather incomplete and sometimes bugged) and the mods and keep them updated when new content comes out. Personally I find the mod great, but it's a work in progress so it would be harder to keep a wiki updated. The editor is also different and has been updated for the mod.
It's a lot of work, but if you want to try you could start with the already existing one, search "whoremaster wiki", first result.