I can tell you from experience, there won't be enough players to go around for 16 teams. And even if you throw in some scrubs from a different era to get to 25 players per team, there won't be enough PA's and IP's to go around. Even if you cut it down to a 12 team league, you'll still be facing the same problem. A couple of suggestions......
#1-switch it to a two season progressive, meaning 1901-02, then 1903-04, etc. You can eliminate clones so that only one version of each player is eligible, but the owner gets to choose which version to use. You still will probably be a little short, but you could make up PA/IP shortfall with AAA players.
#2-you could start with 1901 and 1951 (or any other year) and then progress to 1902/1952, etc.
I would be interested in possibly joining, but only with some changes to make it feasible.....