The issue that I would see for the zine is just funding. Printing "x" amount of copies would be a decent amount anyways. And of course this all depends on the size, shape, quality, etc. I guess that is where the Tumblr thing works a little better for now cause I can't see tons of people forking over cash to make this thing, unless we had some sort of sponsor to help us out.
Perhaps just a Tumblr thing now and maybe rather then pick what goes in to the Tumblr, let's pic what goes into the zine? I think for the most part, almost anything should go into the Tumblr blog.....but that is me.