Before getting carried away, we need to find out the costs of such an endeavor based on minimum run required by printer, number of pages, number of issues per year, paper stock, image reproduction, distribution and any pay that may be required for someone to either edit or do page layout and design work.
I guess from there you decide if you will pay for production with subscriptions and advertising or through subscriptions only. Subscription only means a price of around $8-$10 an issue.
Get the data on the above questions and then you can begin to build a strategy for producing the publication.
Then you have to decide how to come up with the money for the first run. I don't think printers operate on credit for new publications, and advertisers will want to pay lower then standard industry rates per column inch because it is an unproven commodity in the market.
I do believe that if you can get a loyal following, you could probably build up a pretty good advertising base of companies that specialize in traditional photography products.