In order for this to work, somebody needs to organize this and lead the group sign up. It worked out last year but it sort of fell apart somewhere in the middle.
I encourage you guys to sign up as a group. It's a lot more fun that way and you all at least have a common denominator being on Revscene.
And +1 to what CharlieH said. That $700 or $800 will last you a lifetime.