I'm assuming you're going to be doing a lot of the reading, so it might be good to clock how fast you can read a story aloud. You can use that to create your submissions guidelines, so that you can create a consistently lengthed show.
You also shouldn't rush through the reading — go slow enough that you don't trip over every other word, and so you do a good job articulating what you read.
On the audio side, figure out the settings/equipment/programs you're using, and find some means to keep the quality and volume consistent. There's nothing quite like listening to a podcast on an ipod, and suddenly jumping out of your skin when the next episode's intro comes blaring out. Please, for all that is holy, please don't be one of the people who ends up doing that.