I think the central issues here are as follows:
> How can you do something like this?
> What is the benefit to doing this?
> Why should we do this?
 
To answer the first question, you really cannot create a derivative 'Perlmonks' magazine without expressed permission of the owners of the Perlmonks.org site. Otherwise, if it ever became profitable, you would be liable for infringement. So the answer to 'how' is to propose it to vroom, whether he is busy or not.
   Second, the benefit of creating a magazine is simple: Magazines are self-supported advertising! Look at Yahoo Internet Life. It supports itself through advertisements, but c'mon, it might as well be a Jewel sale paper (Jewel is a grocery store for those unfamiliar).
   The third question is about feasibility. The most obvious target market for such a magazine would be the Perlmonks.org users. If someone could show that the costs for production of a decent/high quality magazine could be superseded by subscribers, then I think you may be in business, provided Perlmonks ownership consents.

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