Yep, if you can fill a page with comics, you're in :-)
The only thing I wanted to rule out is people just drawing a single pinup, since that's sorta unfair to all those spending their time writing and drawing stories, and there would be a tendency for a lot of people to just scribble down anything and submit it. Though, of course, if one page of anyone's story is a pinup, that's fine.
The only thing I would add to the rules section is to keep your art equal to 7x10.5 inches. I can manipulate borders a little bit, but if you want your art to look in the book just like it does on your paper, try to stick to this guideline... 300dpi, 7x10.5 inches
I would say, since a lot of people are excited, this is definitely not a one-time thing... being the first of many, there are bound to be problems crop up, but it'll get smoother as we go along. The only problem I see in the future is having too much good art to choose from... once this first book is released, we're going to have a bunch of new artists joining... so, everyone is going to have to work hard to get into issue 2.