Organized play kits already exist, and come with weekly scenarios (to earn "story points" by unlocking achievements) and promo cards from prizes. I think the last one covered Fall 2014, so it's been a while, but I've heard there is a plan to bring back organized play.
As for what day, once you have a core group of 4+ players, just pick a day and start running events in your area. That's what I did, anyway. We chose Monday evenings because weekends were bad for most of us (we're adults, some with young families, grass to cut, mortgages to pay, diapers to change, etc). MtG kind of has a monopoly on Fridays, plus some stores (like the one we run our events at) also do some weekend-long MtG events (pre-release events, Grand Prix tournaments, etc). Mondays after work seemed like the next best thing. Perhaps sometime down the road we'll start running monthly or bimonthly tournaments on Saturdays or Sundays, but until then, we do something like an ongoing tournament where we each get a couple matches in every 2 weeks, with promo cards going to the winners and story point earners.
If you can get some room alongside the MtG players at FNM, you could start a FNMW group that might lure some bankrupted MtG players away from their CCG. I've been tempted... but our store doesn't have room (e.g. they run pretty big MtG events).
