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Vaniver comments on Epistle to the New York Less Wrongians - Less Wrong
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I'm extremely relieved to hear that you and Vassar are worrying about dilution of rationality, but if all you require is reaching the absolute threshold of competence, you may not be worrying about it enough. I think it's very possible that the best options available to a group in which the average level of rationality is 9 out of 10 are several times as effective on a per-person basis as the best options available to a group in which the average level of rationality is 8 out of 10.
I am not sure that worrying about the perils of growth to the degree you suggest is wise. Given how difficult it is to separate personal dislikes from competence, it seems to me that having a process to identify and remove specific problems (X is scaring off the ladies, let's train him or boot him) is much better than trying to optimize the group (I have more fun when Y isn't there, let's stop inviting them).
I also suspect this isn't intended to be an ivory tower coterie, but a growing movement- which means you want all people above minimum competence regardless of their current skill level. If you've got that sort of growth atmosphere, you'll eventually get enough people that you can sort, and your immediate group will have more members of the average quality you want.