I'm still getting ads for Paypal and something about Solar Energy, so I think the main wiki will be fine if everything's done in moderation.
As for the story, I'd recommend that you do whatever you want, dood. It's almost like that old saying, "Find a job that you enjoy doing, and you'll never have to work a day in your life". Just replace 'job' with 'path that may or may not involve M-rated activities', or something like that. And the better mood you're in when liveblogging, the better the finished project will be, dood.
For your future format...I'd say 'video', but I assume that censoring things would be a lot harder, and I don't know if you even own a webcam. And as for how descriptive/silly you are, please regard paragraph #2 again, but replace words where necessary.