I'm sure that you will get this advice more than once, but I would suggest participating in an online league for a couple of months before trying to start one.
Starting a league, and more importantly running a league is time consuming and can be difficult. You really need to know the game and how it works in an online setting. The only way to do that is to get your feet wet first.
While not directly relevant, there is some useful information in this thread.
http://www.ootpdevelopments.com/boar...&threadid=5493
Good luck.