Well, it's not really some protocol of a book-club, because heaven knows, I've never belonged to a book club before. But I imagine that if we're going to settle on a book without being constrained by the problems that personal biases might cause (such as those introduced by voting), it might be a good idea to establish perimeters that put us outside our comfort zone.
That being said, you're absolutely right to mention some sort of schedule. I suggest that 100 pages per week isn't too rigorous of a demand, so if the book or novel has 300, it should take us three weeks to complete. When we start discussions is up to us, although I think that posting our thoughts at the end of every week might keep those of us prone to procrastination more on track and less likely to abandon the project because we got overwhelmed.
Thoughts?