from what i hear, the idea has been tossed around but hasn't happened.
i run a fairly popular site at nwtekno.org. in addition to having fundraising irl events, we have an online store where people can purchase goods to support the site.
the store is run by cafepress. it cost us nothing to set up. you give them a logo or design that you want and choose which products you want to sell. (t-shirts, mousepads, coffee mugs, etc.)
when people place an order, cafepress manufactures the product, ships it, and deals with the handling of the money. then they give a portion of the money to you.
i think a *lot* of people would buy livejournal t-shirts and coffee mugs and things like that. all you would have to do is get some of the graphic designers who use lj to come up with cool logos.
you could even have a contest for that, and have people vote on the winners. and have several designs to choose from.
this would be a fun way to fundraise while providing people with something they'd enjoy using.
you can take a look at my cafepress store if you want. our prices are not cheap but you can set how high you want them to be and how much money you want to make off each sale, so you could set yours lower or higher if you wanted.
i think you should do this in the meantime regardless of whether you go with another long-term option because it's free, easy, and fun.
plus you need a neat lj shirt to wear in case you get interviewed or something. ;)