I could have bet you that if you had posted what you have posted, Oxeagle, you'd have got the mixed set of replies that you have had.
Personally I think your idea is a good one - not perfect - but nothing is. It has all the ingredients in it that should allow people who want to do a fair bit of flying achieve that, and cheaply. If someone ducks out after 6 months, I think their position could be sold or given to someone else. After all, a couple of posters have suggested you just go our and buy yousle]f a share in an aircraft, yet what you are doing is making a fair number of shares available in the first place, for others to join in.
£5 an hour engine reserve is, of course, fine for a R200. Those who think it isn't don't know what they are talking about.
I would think carefully about a limited company as I am not so sure this is necessary. In fact, I would say it wasn't. A syndicate would work fine. But at the same time I can't see any significant disadvantage to have a company, so if that is what you fancy, go for it!
In fact, that should be your mission now. You have a good idea, you are clearly enterprising, you have read a lot of critical (but friendly) comments, and now is your chance to prove them wrong. Just go for it.