I'm interested, but I think we'd have to learn towards games on the shorter end of things (IE no 60hr RPGs) and I personally really couldn't do modern games since my PS3 is basically a netflix box and otherwise I've got no consoles more recent than the OXBOX/GameCube/PS2. I only work 20hrs a week but I have an 8 1/2 month old so I can't get into any real time sinks.
In regards to your fourth point, I think weekly checkpoints would be a good way to pace ourselves?
I think for accessibility, sticking to more emulatable games would enable more people to get involved?