Has anyone explored the idea of hiring a professional transcriptionist to do the work? This could be much faster, but there would be a cost involved. Perhaps a donation fund could be set up for SGU listeners to pay for it. Another podcast that goes this route is the "Security Now" podcast from Steve Gibson and Leo Laporte.
I'm a professional trascriber and I would love to contribute towards this project. VLC is good but not optimized for transcription purpose. I would suggest NCH's ExpressScribe software and it's free. Also if you are spending a lot of time on this project, I would recommend investing on a foot pedal. It shouldn't cost you more than $25. With these two things, I am sure you can double your productivity.