Verian - if I'd known that you were going to keep my ideas for topics, I'd have put more effort into them.
There are now many views circulating on this topic and most, to a degree, have some merit, even though they are contradictory. I can see both sides. But I personally favour the mag, printed.
An idea. Pick a date. 31st December sounds good to me. (I love giving people an option and then telling them which they want.) Those who would like to submit stuff, send it in by the cut-off date. Most of us have work on file we could submit anyway. Others will use it as an excuse to shoot something fresh. Have a look at both the quantity and quality of the submissions. That will give the editorial panel an idea of whether they have sufficient material for half an issue, a full issue or several issues.
I'd be happy to submit on the off-chance that this goes ahead. If in early January the submissions 'feel' right, immediately announce the next copy date as 30th June (working on your idea of 2 issues pa). It doesn't matter that it may take until 29th June to get the launch issue away, the editorial panel will have lots of material from which to fashion the second edition.
I see this working (or not) by the constant flow of quality material, rather than anything else, with the exception of volunteer manpower.
One last thought. To keep the mag fresh, images should not have been shown on the FW website before. That will achieve two things - provide an impetus to submit your best work to the mag and for non-submitters to look at the mag as every picture and every article will be new to them. It will not just be the forum re-hashed.
Now, if you'll all excuse me, I'm going to go and get a cup of tea and then return to the day job. I'll be back at lunchtime, London time.