Best of luck in this venture, Taj!
Some well-meaning amateur advice - there was an Irish aviation magazine called Aero Ireland, edited out of a 3rd floor boxroom in Lower Abbey Street which ran for a while in the 1980s. (First lesson: Keep your costs low!). When choosing whether to spend my heard earned pocket money on it or some glossy UK magazine, one of the prime factors for me was Aero Ireland's store of local Irish news that I would never otherwise come across (e.g. an airshow in Sligo, a new airline into Shannon, etc.). A lot of this local interest is now adequately catered for on the internet, not least thanks to our munificent host, Mr. Dwyer, but this local focus is what will differentiate your product from more established UK product.
Have a look at www.cockpit.aero
which is a Swiss aviation magazine with much the same aims. It competes with German aviation magazines (which similarly have a much larger home market than it does) by an extensive coverage of Swiss (and Austrian) happenings - airport developments, airforce changes and profiles, commercial industry news, annual surveys of flying schools, airtaxi, helicopter and maintenance organisations, etc.
Lastly, may I suggest including a section on flight simulation. Over the winter I use FS2002 to keep in practice when the weather is rotten outdoors. It may be an area of interest to a broader target audience and the Irish flight-simming community may well provide you with a ready source of content.
Best of luck!