A quick reply:
Yes, the 284 munros had also crossed my mind as a figure. But that many in both the south and the north may be a bit high?? Depends if you've got your sights set on bagging them all in one island or both I guess! We need a number that is challenging, but still achievable. Although even a relatively low number is always going to be challenging due to the distances involved. As you point out, many of the munros can be bagged as a group in one hit, and the overall amount of distance to cover certainly wouldn't be as vast as the whole of NZ. Presumably there's going to be more peaks down south too - but then again, many of these would be too difficult, so it may balance out enough to be consistant with the north??
The big drawcard for the munros is the dream of being able to say that you've bagged them all. I can imagine that if this was ever to be done here, the resulting publicity for the site would be fantastic and would really get the ball rolling!
Maybe we need to wait and see how things unfold as we go along. I would suggest we start with the most obvious "must do" peaks gaining recognition first, and then gradually increasing the numbers and see how things are looking. A final number (if we want one) will become clearer as we go. It's nice to get a gauge on how others out there are thinking though!

To me, adding up the number of peaks bagged has more meaning than accrueing some random points tally. But one thing I've learned from geocaching is that everyone is different, and people do these things for very different reasons. Perhaps the points idea could work in conjunction with the number of peaks bagged. You could have some members chasing the number of peaks, whilst others may have their sights set on the points earned.