You need a boil, as kyle suggests, to kill off both the enzymes and any other critters hanging about. I'd suggest at least five minutes rolling boil. I suspect clarity would also suffer, as you would not have the hot break if you didn't boil.
As for steeping the hops, so far as I am aware the sugars in the boil are an important part of that process, and boiling hops in water will not isomerise them so quickly.
Moreover, the boiling process actually reduces the flavour from hops - noble hop flavor/aroma (i.e. what they'd be getting in their BMC) is the result of a vigorous boil removing all volatiles.
I would suggest that instead of this experiment (which I'm 99% sure will produce the fabled asswater), you produce a SMaSH with the lightest base malt you've got, don't overdo the OG (1.045 perhaps), a really low mash (148-ish), only 15 or so IBUs of the cleanest bittering hop you can get your hands on, and a pound each of rice and sugar to really dilute and dry the hell of it (keeping that in mind when performing your mash to reach the mentioned low OG).