Trust me, I'm not planning to join. And it's not because he types poorly on the forum either.
Like I said, I've been in at least four RP LSes, and they all had one thing in common. They failed. They failed because it's almost impossible to coordinate RP with the storyline in game over long periods of time, and because it doesn't make much sense to say 'So we won't RP any parts of the game's story, we'll make our own and use our characters' stories as the foundation we act upon' since the game's storyline effects all of that -anyway-.
It becomes even more difficult when you plan to RP certain significant events and -everyone- wants in, and those who don't get in complain because they were left out because of X, Y, or Z reason (schedules, etc). Trying to get everyone, or as many people involved as possible, will delay events for weeks or months at a time. First come, first served. You can't wait for everyone. But be prepared for the inevitable whining afterward.
You might get some good RPers. But you will also get some bad RPers whose character stories don't make any sense, or work at all with the way the world is set up. You can't let just -anyone- in or give just -anyone- a linkpearl just because you think they'll be able to get people. Sure they might be able to get people, but how sound is their judgement? Are you looking for quantity or quality?
Also, as people progress higher in level, they will tend to drift away from the RP LS. People approaching 65 and beyond will start to focus more on End Game, and things like this will take priority. You can't force people to be on the LS and RP all the time, but by giving them a pearl and saying "Just RP when you feel like it", you're also making yourself easy to forget, because something will almost always come up as a priority over RP.
If you're going to form an RP group, you don't need a LS for it. My suggestion would be to coordinate it some other way, such as through a forum specifically for that purpose. Generate interest that way, make arrangements for events that way. Plan get-togethers one, two, or however many times a week to do stuff, just know what you want to do for those gatherings, because you can't always just have a bunch of people sitting around and chewing the fat over a bottle of Mulsum. And when you do get together in a public place, my suggestion would be to Party or Alliance up, depending on how many of you there are, and RP over Party Chat. In my experiences, RPing in normal Say will more often than not earn you a lot of heckling and grief from people who simply don't understand the RP part of MMORPG.
I'm not saying don't do it, mind you. By all means, if you think you can do better and outlast the four that have already made attempts at all this, go for it. But be prepared for these things.
Oh, and before anyone says to me "Well why don't -you- do it if you're so smart", let me just say experience is the best teacher. I didn't run one, myself, but I've seen enough to know better.