A restart at the beginning would be awesome. I think that the reason we petered out was because it got...easy, I suppose. If we never met up, but instead traveled on our own, while leaving things to help with/cause trouble in the worlds, that would easily keep up with the suspense.
And of course, the mics have got to go, in my opinion. It was fun and all, but it'd be more suspensful that way. If you have a mic on you, there's no reason to post. On the other hand, if your laptop batteries were to die out or something, then the others will be freaking out when you stop posting.
On the other hand, being able to constantly find time to post during something big is a little annoying. As is getting too powerful. Swords and guns work against the Heartless, and being able to use magic and the like breaks immersion, and the feeling that we're in big trouble. After all, being able to summon fire at the fingertips is like getting a Shotgun in Silent Hill. Yeah, it helps, but it's not as scary or interesting when you can kill most everything.
My .02 cents, so take what you will.