Following that, I would suggest you guys begin by laying out a development plan / roadmap. Personally, I give the following recommendations:
1. Familiarize yourselves with what the previous developers have already achieved. You can check out relevant information by visiting the Archives section of this subforum.
2. Understand what's needed to get the latest release of OS X working in a live environment (DVD or USB removable drive), taking note of the following requirements (note that these specification I'm making aren't necessarily designed for a user customized Live system, but rather for a generic one akin to say the main Knoppix or Slax distro):
a. Either run the userland using RAM drive(s) or you construct a nice low-level read/write filter to protect the lifespan of flash memory devices.
b. Try to include as many system/device drivers as possible for different system configurations (Intel/AMD, Intel/NVIDIA/AMD(ATi), laptop/desktop, wired/WiFi, etc.). Keep in mind that some (or many) of these driver packages may not be compatible with / may interfere with each other, so the best scenario would be to have either a way for the user to manually configure the hardware settings or (preferably) have an auto-detection system/script that would do so automatically.
c. Do NOT sacrifice portability for speed/optimization. For example, I'd rather see one distro with an AMD/Intel compatible kernel than several distros with Intel/AMD/SSE2/SSE3/EFI kernels. If you can put them on one disk, great! If not, make sure you include the MOST compatible kernel you can find.
4. This forth point is very important: create a graphical tool/utility for generating and customizing Live DVDs. The main configuration can be something akin to Knoppix, but give the user the option of creating their own customized Live environment. There will likely be a demand for a small and efficient GUI rescue disk type systems. I would personally like to see the ability to generate either USB installs or DVD images based on profiles, so you could have a default "demo disk" profile for showing off OS X on PCs and a "rescue disk" profile for system recovery purposes. Give users the power to customize, and you'll have a winner.
5. Although your focus should be OSx86 hardware configurations, keep in mind that there is a significant demand for a portable OS X environment from the users of legit Apple hardware as well. Once again, think about those who've already tried (and succeeded in some cases, we do have a few examples around the net).
6. LEARN TO WORK TOGETHER AND DIVIDE/ASSIGN TASKS! You'll make much more progress much more quickly if you all work on specific things suited towards your individual strengths. Don't hesitate to ask each other for help, and make sure to communicate clearly and professionally with each other!If you have any forum administration related problems, please contact me or any of the other InsanelyMac admins. Everyone who's been accepted as a developer should receive moderation priveleges to this forum as well as an X Labs Dev badge within a few days. If you have important news you wish to announce to the community (release announcement, beta program, etc.), please contact me and I'll be able to publish it on FPN for you. Thanks, and I wish you good luck and successful devving!