[yummyfajitas]

...who's gonna edit,

The editors, most of whom are minimally paid and do it for prestige. I.e., the same people who currently do it.

...who's gonna edit,

Unpaid referees/editors, the same people who currently do it.

...typeset...

Authors, the same people who currently do it:

    \usepackage{freejournal}

...and print them?

Readers, the same people who currently do it. Or are you imagining that there is some pressing need for physical journals to be printed and delivered to libraries?