Thanks everyone for all your input and a great discussion! I feel like we are really getting somewhere.
I really like the idea of keeping it simple, especially since this will be the pilot program of the grants committee. In honor of that, I think @Leighton idea of a monthly stipend for reviewers makes sense.
I am also psyched @Brendan offered to be the PT Tech Lead!
The next order of business is choosing the Lead. I will create a new forum post for those who want to pitch themselves for the grants Lead position. here