I'm not sure that the sequence matters too much, since people will come and go, but I'd go for some of the Suttas from the Majjhima Nikaya. They are a nice size to discuss, and there is a lot of information in the form of talks and writings that could be used as background.
There are Bhikkhu Bodhi's talks: http://www.bodhimonastery.net/bm/about- ... ikaya.html
BSWA talks (Ajahns Brahm, Vayama, Brahmali, etc) http://www.bswa.org/audio/podcast/DhammaTalks.rss.php
Talks by Bhante Vimalaramsihttp://www.dhammasukha.org/
Pressing out Pure Honey, by Sharda Rogell
PDF here: http://www.dharma.org/bcbs/Pages/publications.html
Shaila Catherine has been running courses on the MN. She's up to the last fifty here:http://www.imsb.org/programs/MajjhimaNi ... tFifty.php
A small group here has done the first two fifties (I only joined midway through the second) and I guess we'll start on her notes for the last fifty in a month or two.
All of the above use the Nanamoli/Bodhi translation. They all take rather different approaches.
My suggestion would be to just have someone compile a list of maybe 50 suttas from the MN in some sort of order and discuss one per week. The easiest way to compile a list would be to just use Bhikkhu Bodhi's ordering:http://www.bodhimonastery.net/bm/images ... llabus.pdf
Once we had a list assigning Suttas to weeks it would basically run itself... Anyone could "kick off" the next week.
EDIT: Of course using Nanamoli's book or In the Buddha's Words would also be fine...