If the question is only "how to set up a journal" then I wonder if this should be taking place off-list, since that's not really a "wiki research" question. If it is a question about "how to set up a journal that specifically meshes with the socio-technical patterns used by wiki communities", then of course it is appropriate for discussion here. (And obviously I think it's the latter!)

the question may also be "how to set up a journal relevant for research specific for wiki-communities, that stands a chance of becoming the leading journal (ranked, listed, prestigious, etc.) in some related fields" and then questions on which traditional academic practices of a journal are necessary, and which are optional, obviously is both important, and of interest for this list. Just saying.