I think this is a great idea!
Printing cost is going to be tricky, though. Unless everyone from here is willing to give a little to the project, you could easily go under trying to self publish.
Ever heard of
http://www.lulu.com ? It's a great website for self-publishing, and is most cost effective. The site prints it, binds it and then you get to say whether they sell it for you or not, and to whom. They just keep a percentage of the sales per book, or you can pay them for the printing and distribute yourself. Something to think about, though this topic is rather old.