So many responses, thanks guys

@Drunken - I've never heard of Livestream but it could be done. We could probably have multiple places anyways, a channel there and a channel elsewhere. I'm familiar with Justin.tv more which is why I wanted to start it there.
@MarxMayhem - TVesque is a good way to describe it. I was thinking a mixture of things, like playing the game and adding your commentary, or talking with people in the chat as you do things in the game (take song requests/etc.), or just play the game with other project-imas ppl in the chat. There could also be podcast-style episodes with talking or whatever anyone can come up with (stop-motion films with ur im@s figures anyone? :3) With multiple people involved, and with people broadcasting their own way, there could be multiple things done.
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Broadcasting could be done multiple ways as well, I should probably explain. I have an easycap, so I can easily connect my PSP to my computer by just plugging the AV cables to it. With Flash Media Encoder I can zoom in on the picture and change different settings. If you have an easycap/dazzle/tv tuner card you could display the gameplay almost perfectly in a broadcast. Webcam wouldn't bring the most quality however the ability to chat while you play is handy there. Which could be good because some people could just broadcast gameplay, others could make a whole show out of it, it would be a variety of stuff. JTV also allows you to stream recorded video, so if you didn't want to do something live, you could put a show together then stream it. Like Nya mentioned, you can make highlights and create a playlist. So even if no one was live, it could sit there and play. Here's my channel for an example -
http://www.justin.tv/digi162 I've been trying to stream Idolm@ster SP with the goal of just throwing it out there for people to see and get interested in, but I've had some problems. I really can't sit there for hours streaming live gameplay haha. I only manage like an hour or two on the weekends. Another problem I have is chat. The most viewers I've gotten at a time was 6, but with no one talking in chat, and with no mic it's hard to keep people there (especially if I'm not broadcasting for hours). That's why I'm asking for help to turn this into a group project @_@
So I guess here are some questions for those interested:
-What days should there be a broadcast? Like a whole day of broadcasting, or a couple hours each day? Or maybe just pick hours you want to broadcast (like a schedule or something)?
-Or actually, what days could you broadcast?
-What sort of shows should there be?