Treating the entire waitlist as a single gestalt player with metaabilities that are perfectly capable of revealing the dice rolls if they roll half-decently won't stop them from complaining about invisible dice rolls in an R.T.D., at least not if you are running a state of ignorance where they may not realise that that is an option. However, when they successfully get a player added from the waitlist, incarnating that player as a cosmic horror is fun.
Starting as a blank-slate freeform R.T.D. to generate themes for the player incarnations, then surprising them with an actual setting and plot when they all wake up from a dream a few turns later probably won't go down well. You attracted players for the freeform, not a setting...
Don't set your R.T.D. in an established setting that you don't know much about, but don't let the setting overrule the G.M. either.
Update consistently. Players tend to lose interest in things that aren't reliable. Likewise, don't let absent players stop you from updating, but try to keep it fun. Also consider people's timetables. Most people have daily and weekly schedules. So probably aim for updates according to that. Like fortnightly updates, or weekdaily, or daily, or on both weekends...
Don't provide extremely specific examples if you want to hide your shame.