Nigel:
The amount of material available is truly amazing - if only we knew about it.
The major problems with a project of this size (as I see them) are:
How is it to be coordinated (not a big problem initially but in the long term could be).
Can enough volunteers be found to transcribe the material.
How are the results to be made available. The internet is the obvious choice, but that requires money - how do you finance? A subscription, members only site is the obvious answer which suggests the FHS should get involved.
If some of these questions can be answered then it would not take much to get things going.
Yes, I would volunteer to coordinate (initially) but as Frances as indicated she has already started some work here maybe she should take on that job. I could make space available on my web site for the first efforts but that is not a long term solution.