That is generally how most do it here. First they post Interest check, then an OoC where they describe the RP in more detail and provide a character sheet template, then the interested folks will post up characters and (hopefully) get them approved. Only then do most start the RP. But you can twist and change that however you will.
So long as you and your players obey the Guild rules, You can do pretty much whatever you want. In their thread, the GM is god.
We don't mind answering questions, but
this guide might provide you with answers to many of your still-unasked questions.
