Paul,
You have done a great deal for our hobby...cheers to you.
Regarding volume II. My preference would be hard copy with perhaps an electronic database for potential additions if you like. I'm old school like you Paul, but aren't most collectors of old "stuff"? I love having a book to hold and take with me and enjoy. I understand there will always be potential new discoveries, but there aren't as many as there once were. Beside, you said it yourself when you pointed out the beuty of pinback collecting when mentioning the codification of cards. I say THANK GOODNESS any book on pins will be incomplete. It would be a sad day (for me) when a complete Standard Catalog could be produced. Embrace the incompleteness Paul and sleep well knowing you have something to do when you retire.
I would also recommend taking advantage of your fellow collectors. THIS, would be the greatest opportunity for growth. I believe collectors would welcome the opportunity to contribute images, insights, and even tech help. Home scanners produce amazing images today, and the need for photography would be minimal. Scanned images are extremely easy to manipulate and use.
YOU CAN DO IT PAUL!!!