Investment clubs can be very useful to get feedback and discuss ideas. Remember that we want to avoid mediocre stocks. Sometimes we can talk ourselves into a stock when it doesn't deserve our investment attention. There might be a better stock (that we're not looking at) and that's where discussion with like-minded people can be very helpful.
When choosing (or creating) an investment club the most critical factor is the people of course. If you have aggressive traders in there, you might learn from them but you might also be swayed into buying something riskier than fits your comfort level. This club is meant to help you sleep well at night and feel good about life. Stress ruins lives and lowers the ability to think clearly too.
Your plan has to work for you. The other members can branch out into other things of course. The purpose of the club is limit discussion to the style that works for you. When it's down with a clear tight focus, the time is productive and updates are quick. More time for enjoying life.