Interesting article in the NY Times today about the fund of the Godspell revival, which was done at a minimum of $1k investment and has something like 700 investors. Definitely the phenomenon described has been evident in that instance, as the small investors are much more likely to be talking it up to their families and friends, etc. Unfortunately for them, the effect of that has been almost non-existent, as the box-office take has been lackluster. I tend to agree that it won't have much effect but would make it more fun and couldn't hurt.
tipsy, I know you're all over this but I can't stress strongly enough how much you need good legal advice right now. You have possibly already begun a "general solicitation" in the eyes of the SEC, and that is subject to a host of rules, only some of which have been touched on here (such as the accredited investor concept). The JOBS Act could help somewhat in this regard, but it was only just signed and it takes a while for the SEC to promulgate and finalize the rule-making under it. I just get more and more worried the farther I read in the thread, so please be careful!
ETA:
Here's the article.