Here are some of my comments and suggestions:
It's a great idea. If we can settle on a proper shipping container and some other logistical parameters I would also volunteer to get a traveling portfolio organized. I would be willing to contribute to the cost of a shippable portfolio. Perhaps the only requirement to be included could be a small one time fee to help pay the total cost, paid at the time the print is shipped to the organizer(s).
I think we need to determine the optimal number of participants to be included to make the number of prints manageble and cost of shipping between participants reasonable. If we have more participants, I guess we start a list and they go into a second portfolio after the first is completed.
Size wise I think we need to decide how prints will be presented. There will not be much weight difference between actual 8x10 and 11x14 prints, but if we are talking mounted to a mat, then the weight difference will be substantial per print. I for one do not feel comfortable sending an unmounted fiber print. I would be OK with sending an RC version as curling of the print is not an issue, but I perfer to present my best effort and that means FB paper mounted.
I also like the idea of having a forum to discuss the work between participants. I think all participants should agree that any work that is traded between participants is a free exchange of work.
We also need to set out some discalimers such as APUG, its organizers and participants are not responsible for the unauthorized use or misuse of an image and are not responsible for loss due to theft, damage, bungling by the shipping agent etc.
The participants should include any and all information they can fit on to one sheet paper. At the minimum include your name with the print. If you want to share a story or technical data about the photograph I think that would also be great.
Please comment on my ideas and include me in the first run. Perhaps we need to issue a "call for entries" to see what the interest is.