I had to go not sure because you didn't include an "either" option for the first one. I would quite like to see some sort of feature. The advantage over the journal is it will not have pages of thoughts and suggestions along the way, but just a story of the tank(s).
Perhaps it could focus a little more on the members, such as those that have more than one tank?
As to how to decide? I'll leave that up to others. I am apathetic, though not support the idea of a board less then either mod(s) or all members. Creating a sub sect will just help create a clique.
And to hell with what the other mods think, if we have one down here they don't have to get involved. If Other Pets can have an xOTM compo, then so can the salties B)
As to the risk of cheating? So what. Cheaters will be found out if there is a featured article about it, and while they may spoil a month/quarter right now we are letting them spoil it permanently. If other fora can do it, so should we be able to. Did we not (until recently, at least) claim to be the friendlies fish forum around?