I'd still like to hit the ground running and do some ground work on the initial construction. My ideas, however, differ very much from at least the vocal majority within this thread. Especially given the direction that 4e is taking, I think that the game would be better served by some of the initial ideas I talked about. Things like using the core pantheon and default setting material. For the original LEW coming up with our own stuff made more sense. Here, where they are changing the very nature of the game to create a different feel, I think that we would be better served to keep things as simple and streamlined as possible.
Really, the way I would run it now, I would cut the rules and judging needed down substantially with a few major changes. For one, I would ideally like to cut judge responsibilities down to the judging of adventures and characters primarily. Then, in a sort of reverse of the current method, judges would be the ones to make proposals and the community would be the ones to vote on it. I think that this would help get proposals down to what's necessary or important to the game, and at the same time eliminate a lot of the "well if you make this change, and that change, and this change, then it's fine by me". Further, I'd like to implement mechanical reasons for the inclusion of character-born content. What I mean, is I'd like to implement a fairly basic, simple, and modular system where every time a character accomplishes some mechanical "point" they get to include a new power or ability into the setting. I'm referring to stuff like DiSenzio's technniques. I'd like to ideally make those something of an "I was there" token. You hit level 5? You get to add a technique (within certain guidelines) to the games library. You DM a couple games? You get to stamp down some permanent important features to the world related to your game. The rather iconic example would be "30th level? You get to add a deity based on your character."
It might be that more people will swing my way after seeing more and more info about 4e. I'm somewhat waiting to see what direction the majority seem to favor, so I'm mostly posting this in the hopes that maybe it will drum up some people that are in support of the methodology I'm considering.