Simple text sounds great. Bribe the community to do the work! If you believe, as I do, that SO rep points measure a user's commitment to helping the site succeed, it is completely reasonable to offer reputation points to help protect the site from spammers.
Offer +10 reputation for each contribution of a simple question and a set of correct answers. The question should suitably far away (edit distance) from all existing questions, and the reputation (and the question) should gradually disappear if people can't answer it. Let's say if the failure rate on correct answers is more than 20%, then the submitter loses one reputation point per incorrect answer, up to a maximum of 15. So if you submit a bad question, you get +10 now but eventually you will net -5. Or maybe it makes sense to ask a sample of users to vote on whether the captcha questionis a good one.
Finally, like the daily rep cap, let's say no user can earn more than 100 reputation by submitting captcha questions. This is a reasonable restriction on the weight given to such contributions, and it also may help prevent spammers from seeding questions into the system. For example, you could choose questions not with equal probability but with a probability proportional to the submitter's reputation. Jon Skeet, please don't submit any questions :-)
