Unless this ends up being a decent size (12+ players that meet EVERY week to paint) you will not have an issue with table space with the exception of the following times:
Particularly busy Tuesday nights where board gamers are here in large numbers and Magic players are here in average numbers.
Wednesday nights.
Friday nights.
Saturdays that we run events.
I am far, far less worried about the amount of space something like this might take up. What concerns me is keeping participants interested from start to finish.
If Sean is going to be heading this up, it seems like the weekly meeting might have to happen on Sundays.