I have seen it on other forums as well..One interesting way to run it is to do only one member interview a week. This allows everyone an opportunity to ask questions. Potential interviewees sign up ahead of time, allowing the members to "schedule" which week they will have.
In my opinion, the best way to start it is have a mod in charge of a "locked thread" that will allow the posting of the schedule. It helps to have 4 or 5 members lined up to kick start, then once it is rolling, you just add members who volunteer as you go. As the interviews are completed, you highlight that locked thread with a link to the actual interview thread (if that makes sense).
It's a good way to get to know each other, and of course, there is the golden rule. The person being interviewed is never under any obligation to answer any questions they don't want to.