Interesting! I was actually thinking about doing the same thing (an episode summary/guide) including minor cultural references and details, etc. I didn't really consider the idea of breaking it up into individual arcs, but that's definitely interesting.
I'd be careful with breaking it up too much, though, because though it might be easy to segment season one, for example, other seasons don't exactly break up so well and you'll have balancing issues.
In order to do something like this, though, I assume that you speak Japanese fluently? As in, you intend to watch each of these episodes without subtitles and will provide your own translations as necessary? I don't mean this in any way to be insulting -- or even directed at you -- but I've seen a lot of awful information out there on wikis and other websites with purported "Japanese" explanations of what youma names mean or other "cultural significance" when, in fact, these aren't even real Japanese words.
If you plan on pulling information from across the web and doing some research on your own, I think this is a project you might want to hold off on. No offense intended, but if you're just watching the subbed and dubbed episodes and compiling your thoughts on them, then you're taking an already skewed view from the original translator and trying to interpret something that may already be wrong to begin with.
The same applies with "liner notes for those who do not have good understandings of Japanese culture." It would help if you could let people know in advance where your deeper-than-average understanding of Japanese culture comes from. I majored in Japanese history, have studied Japanese for 13 years, have lived in Japan for nearly a decade, and there's still a lot I don't know about circa 1992 Japanese culture. ^^ To overcome that, I buy a lot of late 80s and early 90s Japanese books and magazines to get an idea of what was popular and the cultural norms back in the day.
So anyway! Love the enthusiasm, but my advice would be to stop and not consider a huge undertaking like this from the start, but what value you can add to episode reviews.
What are your strengths? What are your passions?
Nope, no fluent Japanese here, and certainly am pulling reliable info from the net... Guess I'll leave this thing be. Or maybe I'll leave out the Japanese tidbits, and go at it based on the Viz subs with basic bits.
As for what I can do to add review value: I mianly have a very good sense of humor, coming from my comic strip and classic animation passions, which I can insert by cynicism, or just plain good ol' joking around to spice up a review.
I also always enjoy good stories and plot progression, character development, and well-executed sequences in action, animation and plot. Just because I'm a funny dude doesn't mean I can't appreciate work put into the most dramatic of events in the show!