The first step would be determining who would be willing to go. The first time we tried that, we had alot of interest, but then when it was time for people to pre-pay so the track date could be reserved, nothing but crickets.
So I would suppose a month would have to be picked, along with a location, and then it would be who would be willing to go (which would then determine how much $$$ per entry).
Believe it or not, one of the most reasonable tracks $$$ wise was Bowling Green. But I don't think anyone from the east coast would drive that far as they have alot of good tracks on the east coast. Likewise, if you have it on the east coast, then everyone else has to drive like 2 days just to get there.