I think you should ditch the whole community driven idea altogether. If your editorship is any good, it will show in your magazine. Plus you don't have to keep score/keep track. You review article and send feedback to the writer.
One month is too long for the magazine. It should be more like 1 week between issues. Also, I don't think this is going to dilute the quality of articles at all as long as you make your decision based on merits, rather than deadline. If the article didn't get through, the writer can resubmit in the next cycle. There should be no artificial number of articles per issue limit. This is not paper.
Absolutely, the editor/publisher model works just fine. Find good authors, review what they write, include as necessary, pay the authors for their articles. Profit. Rinse and repeat. Public domain content with paid ads and maybe a physical delivered copy is the way to go.
1 week is way too
short I would prefer quarterly maybe. But if people can find the time, and find it profitable, to work on a monthly schedule, by all means.
Also, someone who can do layout. Good formatting and font would go a long ways.