No set time, it would be impossibly hard to accommodate everyone. just mail Sharingan and it'll be setup as conveniently as possible working with everyones variable schedules and participation times.
Gero dungeon isn't the reason you only have 500k. You need to learn how to work the auction house. I've got over 6mil never used cash shop and have done Gero 1 time and didn't get anything good. Look at what people like to buy in the auction house and sell that stuff and its really easy to make money. Sorry to be off topic. Anyways sounds like a good idea should be fun if a lot of the community participates.