Hi Warren, on the surface your idea sound like a good one, but I think there two problems with it.
Firstly, I feel the whole concept of the compendium was a "no competition" philosophy. All efforts were submitted regardless of experience and level of "wow" factor. Every submission was placed on a level playing field and I feel it would be unfair to then pick twelve that were "better" than the rest.
Also, every year Astrovisuals produce an Australian astronomy calender (I notice 2010 is out now) at
http://www.astrovisuals.com.au/Calendar.html
so there may not be a market for a second calender.
Again, in any other circumstances, your idea is a good one. Just my thoughts Warren, but others may disagree with me, so see what the other members think...