Greetings, Erik! 
While I've not run a game myself, I do play in a PBEM game that is managed (in part) through the use of a Yahoo Groups board, run by Dan Gurden (of these boards, no less). There are, in fact, quite a few games that are ran by members of these boards, and I think that they could answer your questions better, but I'll take a crack at them.
I think that the use of a group (either Yahoo or whatnot), is a good way, I think, to help manage posts, and consolidate documents and other bits of info for both players and Narrators. It seems to work best with a supplemental website that actually houses online character and setting information for easy access for all involved.
I think that one of the things you can expect is for the pace of your game to slow, but if you're experienced in any way with PBEM games then this shouldn't come as any sort of shock. Still, if you want to game, and game at a distance, then this isn't a bad way to go, in my opinion.
As I said, though, others on the boards may be able to answer your questions with a bit more clarity, so I'll leave it to them.
In any event, good luck with your game!
Greg
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