Typically a "Land Lease" is for 100 years,and thats what it would need to be considered effective. It would be a very good idea that would generate revenue for an eventual Palestian state(if there ever is one?),and keep down the cost of removing settlers. Although you would first need a strong judiciary made of both Israelis and Palestinans to distinguish land claims. In theory Communism was a beautifull idea also,but for the most part that did not work out too well either.
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Facebook's Mark Zuckerberg to give away 99 percent of fortune ($45b) to charity (AP)
from the article: Peace Plan: Trading settler Israelis for refugee Palestinians