I still think a 'web'-version has many potential advantages. I don't mean an 'online book' that one has to pay for (which I think is what munk took me to be saying).
What I suggest is actually two-fold:
(1) an 'online version', which would be sort of like the Khukuri FAQ, in that it would have various chapters with text & images, etc.
(2) a (free) downloadable version, which could be printed out. we could put this downloadable version into an Adobe Acrobat .pdf file. And, in fact, this would allow for 'glossy photos' for those with colour printers. We could actually have two different downloadable files, one with the text, and one with the 'colour plates'. This way, one could print out the text in normal black and white and separately print the colour plates. One can buy glossy photo-paper for printers which would allow the colour plates to be glossy if desired.
Though the downloadable version still wouldn't be as nice as a prof. printed hard-bound book, it would actually be nicer than a photocopied version (and cheaper, at least on the 'publishing' side). And an online version would obvious be more easily accessible, and more widely 'advertise-able' than an photocopied version.
Further, the site itself would be a sort of advertising, so that it could act to facilitate a future professionally-printed edition.