The group itself would have to be Atlanta-centered, but the LJ community could be open to people from all over. We could use it to discuss, recommend good books etc., tell people about our personal research interests (like, I could lead a discussion of postmodernism in comic books, what I did my undergrad thesis on). We could meet up in person once or twice a month to discuss.
I wouldn't want to make it too strenous (you must read this book and come prepared to discuss it or else!!), because real life gets in the way, and I want this to be fun. Everyone could put in as much or as little effort as they wanted.
What do you think? If I get a positive response here, I'll take it to the Atlanta communities.