That is very good. So anyone showing my wildcow mod on youtube has to pay me a part of what he is getting from showing ads. But if showing in his channel for free, showing wildcow mod will be for free also.
I think this is more of an annoyance than an actual profit for you. I'm not saying you have that intention, but it basicly boils down to that. You see, Minetest ain't so popular that like 5% of video profits will be a major summ, prolly a dollar a month or less. However this does force the youtubers to contact you first, do credit card exchange, paperwork etc.
In the end all you get is like a dollar, but at the cost of long-lasting and annoying paperwork for both you and the youtuber (or most likely your mod not even appearing on youtube).