Reading Greek tends to be a solitary, and often very lonely activity for most, even though historically it was most certainly not. The only opportunity for most people to read Greek in a group is in a college class, in which you’re constrained by the fact that most people there are just taking the class for credit and will only do the bare minimum to keep up. On top of that, once all those students graduate they have to go off and have jobs and lives which doesn’t leave time to regroup and read Greek together. Perhaps a modified version of what Joel is attempting could be tried - i.e., a thread where everyone does a blind translation of a few passages by themselves and then regroups to discuss what issues they had, what they found interesting, and what other questions they might have.
What you suggest is a good idea, and such projects have already been done.Odyssey 6 Reading Group .