Sounds like the best compromise. The official book is done as a showcase of APUG (as long as it doesn't become the LFF lite book).
The POD option is a full 'everyone gets a chance' book. One thing to keep in mind is the size of the books. I know when I have had POD books done, anything over 100 pages really stretches the binding and we have had them come apart (replace by Blurb, though). That being said, there would be nothing stopping a POD book being produced as Volumn 1, Volumn 2, etc.