We had a productive and somewhat filling first meeting Whisper's.
It looks like the first project we work on will be a CNC plasma cutter table. Nigel already has much of the hardware necessary, so we'll see if we can't make something which will be useful for future projects.
I also tried to sell people on my ideas of logging our planning and work progress. The blog is obviously the first step, but doing progress photo galleries, posting meeting minutes/email discussions and maybe even podcasting meetings/conference calls is something I think might be interesting to try out. Obviously the content we produce in a fairly straightforward project like the first one won't be that compelling, but I'm interested in laying down the framework for us to record any future, more interesting projects that we do.
Something else I just thought of: Use bug tracking/project management software? Bugzilla? A good way to break down tasks, check what depends on what, manage bug lists as well as future features etc etc.... Probably overkill for now, but might be nice for the future?