I want to open a blog directory! Some info please!

[cemooo]

This one is posted on both main forum and blogging forum. Sorry for that but I really need as many info as possible.

So I want to open a blog directory where people can submit their blogs and get some traffic.

What do I allready have:

1. Domain
2. Hosting
3. A guy who will do desing and programming
4. Experience with blogging.

My questions:

1. Blog directory is just a "normal" page that lists links to blogs and provides some description for the links, right? It has to include some kind of a form so that people can actualy submit their blogs. Am I correct?

2. Should I ask for a recip link right away or should I wait to get a PR2 first?

3. If I don't ask for a recip link, then how can I actualy build a traffic base (besides some SE traffic), and how will the SE send me traffic if there are no recip links in the first place?

4. Any additional info would be appreciated.

5. Any ICQ info from an established blog directory owner will be payed in cash!