[Texxxx]

I think this sounds like a lot of fun. I thought I would throw out a way of doing it, with refinements of course.
Start with everyone being able to nominate one person for the HOF.
The first vote will be for players that played before say 1910.
After getting all the nominations and discussing for a month, everyone gets 5 votes. The 5 players with the most votes are in. The next nomination will automatically have the 5 players just under the 5 that where voted in plus new nominations. This time it will include players that played prior to 1920. This goes on until we get to current date. Then we only have votes say every 6 months.
Just a thought.