I love this idea.

However I think there are numerous issues that would need to be considered. Here are a few off the top of my head:

1. Is this open to all APUG members, or just subscribers?
2. Should subscribers have been members of APUG for a certain amount of time to be considered?
3. Who gets to decide? If it's a small committee, who chooses the committee?
4. Will this feature only black and white work? What about colour, lith, other alt processes, toy cameras, etc.? Is it worth considering different volumes for different kinds of work?
5. What will the guidelines be concerning submissions? Digital copies based on prints and slides? Will people have to provide proof of final analog print?
6. How many images will people be able to submit for consideration?
7. Will it be the "best of the best", or will there be space for relative newcomers and amateurs?

I'm sure others will have other issues/suggestions concerning such an endeavour.
And in the interest of being helpful, although I'm not a professional and have little experience in this kind of project, I would be willing to help whoever oversees the project (if it gets off the ground).