To add to some of the advice being given I'd recommend watching this Youtube video on setting up a podcast. It's not completely relevant as it deals with both video & audio podcasts, but the host raises some questions that you guys might want to think about.
He (& his co-hosts) have been putting out ~4-6 shows per week for a few years now, so there should be some nuggets of wisdom in there
.
--edit--
I forgot to write the most important thing (
): Best of luck setting this up and getting it running
.