Nice idea, Mike.
I'd be up for this one!
I have DMed for many years, but am a great fan of the mechanics, rules, and war game at the base of the game. But still...
The first rule must be the old rule zero (The DM is always right).
The second rule must be that this is an important social contract between all the players and the DM (we are here to have fun).
Finally, everything should be upfront and understood (the rules are here for a reason and are not malleable after the start).