I suppose the only 2 problems i see with Torque, are that its closed source (So the open source idea goes out the window), and it looks like it costs a fortune, i dunno about the rest of you, but maybe it might be best to find an alternative. If Torque was more viable, i would certain choose it
[EDIT] When it comes to a 'leader' i think someone should be chosen who wont have a lot to do with project development, as i know (from personal experiance) its hard to ballance the two. I dont doubt any abilities of anyone, but handing out assignments, answering questions and queries as WELL as doing your own development part CAN be a handful, and can lead to general disorganisation, which at the end of the day, is BAD for a project of this size.
Insert $0.02 to continue [/EDIT]