WJB's makes a lot of sense. This is an ambitious undertaking. Getting the rules right is critical in containing costs. However, this is very difficult to achieve as Andy relates from the MiniTwins example.
As others have said, it is highly desirable in my mind to have the club attempt such an undertaking. I'll definitely be along to watch and support the races, provided they are not all down south.
As WJB says, racing is expensive even when you don't crash as I have plenty of times. My racing season was plenty expensive even when you take the money spent on the bike out of the equation.
If I get out there again next year, it'll be on the bike I got. I can't afford in money or time to run second race bike. However, this series should be aimed at people trying to satisfy a couriosity or to get started in racing. I would be great if it accomplishes that.
Who will host this series?