There isn't a set time yet, but given my group has people from the U.K., the east coast and the west of the U.S and we make it work, I think we can for this. We'll just have to figure out what time and days work for people. Weekends would probably be ideal, but again, it depends.
On the clerical end of things:
Here is the
Character sheet generator for 3.5 edition. The default settings that it has set for stat roll, etc. is fine.
However before you start generating your character, you should look at
this site for classes and
This site for races, since both are important to how your your character should be built. I'm not requiring anyone to play strictly the base classes (Dwarf, Human, Elf, Half-elf, Halfling, Gnome, Half-Orc) because I personally do not like playing those classes and find them a bit restrictive. Also, select anything you think your character should be carrying starting out, but pay attention to the weight. Too many heavy items of too many items in general will slow your character down and, if you are spell caster, cause you to fail more often.
For newcomers, certain races have certain bonuses or weaknesses they add to some of your 6 starting stats; Strength (from which attack strength/lifting capability/etc. is drawn from), Constitution (HP/resistance to attacks/etc.), Dexterity (Speed/ability to dodge an attack/acrobatic type skill abilities/etc.), Intelligence (spell casting), Wisdom (Spellcasting and knowledge checks) and Charisma (certain spells and abilities rely on this skill, and it's particularly important to a bard). These bonuses tend to predispose races to certain classes, but that doesn't mean you have to follow it (I'm a big one for picking classes and races that don't go together. Like a Minotaur Bard). If your race is not necessarily designed to be a spellcaster (has a -2 to intelligence for example) you can put a higher number in that stat to compensate for the deficiency of your character's race.
Before deciding on a race or class take a good look at the description, that's the best advice I can give on constructing a good balanced character.
EDIT: Certain characters like Mind Flayers require you to start as a monstrous humanoid, and you take ranks as that first. We will follow that for the most part, except should you choose minotaur, create a Krynn Minotaur rather than the standard one. The standard minotaur build is supremely hampered at level 1.