Nick Helweg-Larsen, hoping to supplement the Illuminatus! information area at Maybe Logic Academy put together by Bogus Magus, has begun an effort to put together detailed annotations of the text. He's being assisted by Andrew Crawshaw in the effort. They've done quite a bit of work so far.
Nick would like some help, but he is wary of posting his email address publicly. So if you would like to assist, email me (my contact address is posted at the "About" area of this blog) and I will forward your missive to Nick.