Go for it.. but be ready to take on the majority of the work of running the club for at least the first 3 years.

The requirements for setting up a club are fairly simple.

Develop the purpose of the club. (We just want to fly and have fun is an OK purpose)
Develop the clubs initial bylaws. (you can be a dictator for the forst couple of months here... but eventually you need a set that the members vote on as being acceptable)
Locate a flying site.
Locate a meeting place. (can be the flying site on the first clear weather Sunday each month if you want...)
Gather some members.

Do that and you have a club.

Then you have to do the monthly meeting paperwork... taking notes of what was done at the meeting is usually the least desired job. The newsletter editor's job is also not very popular.

If you want... after you have 5 or more members you can apply for an AMA charter to gain the club insurance and to gain the flying site insurance.

The AMA website has an EXAMPLE set of bylaws. Yours don't have to be the same as that... but those do give you an idea of stuff you should cover.

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The problem is keeping the club running for more than a couple of years. The guys who keep getting voted into the club offices get tired of doing all the work.