A great idea. Would definitely require a group of actively involved/engaged members, but there is definitely space for that here. If you already know some folks who'd be interested, please feel free to get this going and let me know if I can help in any specific way. I would be happy to make each week's RPG Book Club thread sticky for that week, though I guess you'd probably want to gauged interest and get some "club members" on board first.
I'd definitely be into participating in something like this myself, at least on occasion (time and money permitting).