As I told Matthew when I spoke with him a couple of weeks ago, I also think this is a fantastic idea and plan on helping the CLAG however I can. Legal and regulatory uncertainty is perhaps the biggest barrier for companies who might be thinking of launching projects involving Bitcoin, and having a reliable source of up-to-date accurate information about the issues will be incredibly valuable.
Hopefully in a couple of years the CLAG's biggest problem will be figuring out what it's role should be as similar groups, inspired by the CLAG, spring up all over the world to tackle the unique legal issues in each country.