Yeah agreed, I do think the majority of the photos that are entered would be of a high enough quality to be suitable for a calendar.
It would ultimately be down to the owners of the site whether or not a 197.net calendar of any sort was put into production - they have the final say of anything merchandise-related and there needs to be a solid enough business case for it to get the go ahead.
You say that but the 197/200 forum sold a fair amount from what I heard they had a limited run and sold out straight away and some of the pictures were very poor IMO