The nice thing is that through Jerk Radio (the podcast that I was doing before CoH became boring to me), I learned a lot of things about what works and what doesn't.
With Skype (what we use for our podcast), if you have any more than, say, five people, you run in to the issue of talking over one another. This is further increased due to the fact that we're not in the same room.
As far as sound quality goes, I've got Pamela (the program I use to record from Skype) set to where it dumps the sound files at a very high quality .wav file, which I can use to convert it to whatever quality MP3 I desire. I use Goldwave for sound editing, which allows me to cut in music, cut out flubbed lines (when they aren't the funniest thing ever), and whatnot.
As far as the microphone situation goes, it's a crapshoot. You get what you pay for, and I bought a nice 30-dollar headset, and it works excellently. In a pinch, you can use a wired X-Box 360 controller with a wired XBL headset, but the sound quality is about what you'd expect on XBL.
As far as scheduling goes, every two weeks sounds like a really good policy to adopt. I never held a solid schedule with Jerk Radio, due to many different circumstances. The most recent episode I put out had a really good turnaround time. If we record early enough in the day, when I am highly motivated, I can usually have the episode cut together with bumper music and whatnot.
Main problem will be listenership. We need plugs and advertising. Problem 1 with Jerk Radio is that we don't really have much in the way of advertising, now that the podcast is moving away from CoX. No listeners means no feedback, and no feedback drains my motivation.
As far as placing a website for it, PsEG is the guy who originally set up
Jerk Radio's website. It includes normal basic HTML for a front page and an RSS feed. The podcast is also listed on iTunes as "Jerk Radio" by The Circle of Jerks. I bet if we wanted to get fancy, we could use WordPress or something like that, but I have no experience with such things. Updating the XML and HTML is a simple matter of copy/pasting a template update and filling in the blanks.
Podcasting is actually an enjoyable hobby of mine. I have a lot of fun recording them and cutting them together, and I'd like to do it more often.