This is a great idea made even better by inviting the community into the project.

Everybody likes a new cookbook, so they should be easy to sell. And it?s an ongoing fundraiser, not just a one shot effort.
Our moderator, Jim Swan, has a whole chapter on cookbooks in his book, Fundraising for Libraries. He says there are publishers who specialize in fundraising cookbooks, if the job gets too overwhelming for your in-house bookbinder. Find them on the Internet by searching for "cookbook publisher" & "fundraising" and request a getting started kit for pricing and binding options.
Another tip from Jim for how much to charge for your cookbook: "If no one complains about the price, you are probably not charging enough." Remember that the community *wants* to support their library, so capitalize (within reason) on this generous spirit. Bon appetit!