Well, the standard answer would be, "It depends." :)
Several questions I would lead with if I were coaching are, Is the team new to Scrum or have they been doing this a while? How stable is the team? What's the relationship with the product owner?
At a basic level, I'd steer young teams away from this model. Being a Scrum Master is a lot of effort and when a team is younger it takes a lot more to protect the team and help them through the flow. For an advanced team, it is a natural evolution.
I have a rough model for Scrum Master evolution. One SM for a new team. One SM for two teams with an average level of competency (one new, one experienced, two mid-journey, etc). SM with three teams moves from Scrum Master to Scrum Coach and steps back from day to day effort. The team then steps up more. After four teams you move into full Agile Coach realm.
How I would coach a team like this is to set up good overlap. Halfway through a Scrum Master cycle, the next SM is already identified. If they are brand new to the role, the coach will work closely with them and walk them through a concept of "See one, Do one, Lead one." Where the watch how it's done, then they help do and then they do and get feedback after.
Other than that, pretty much the same coaching I'd give any team.