I think bringing this sort of transparency to a startup could be really interesting, especially to the HN community. Go for it! Even if it ends up failing miserably, it'll be a useful case study into what transparency can do/not do for a startup.
On another note, I remember Kevin Rose saying how he always wanted to put up live web cams at the Digg offices back in the day and basically let the community watch Digg being made. It would be really cool if you guys setup a calendar with your meetings, made it public, and live streamed those with a chat room where the HN community (or anyone else) could literally take part in the discussion and lend a helping hand to the startups creation.