Personally, I haven't, but I'm sure somebody's done something similar somewhere.
It seems kinda like the old idea of selling ad spaces on paper placemats that get used in local diners.
Can't help you with how long it will take to sell out your ad inventory. I think that would depend at least in part on how good your advertising rep is.
It's OK to accept whatever payment methods you choose -- but in general the more different payment methods you accept, the more likely it is you'll be able to close the sale. If somebody has "iffy" cash flow at the moment, or if they're holding on to cash for some reason, they may prefer to pay with a credit card so they can spread out the expense.
When it comes to marketing collateral, generally speaking: the more the merrier. There are lots more companies that mess up by not offering enough information to allow their prospect to make a decision than by offering too much.
If you're working with an experienced ad rep (which, since you're new, you probably should be -- otherwise, if you're both new, it's like the blind leading the blind), talk to them about what sorts of materials and information your target customers normally find useful/compelling. I can guess, for instance, they're going to want information about where you have distribution agreements, how many maps you think you'll be able to "move" over the course of their ad run -- basically the type and scope of coverage they'll get for their money.
You might also want to get in touch with your local SCORE office. They can hook you up with a business mentor who might be able to give you more specific advice (and it doesn't cost anything). Their website (www.score.org
) also offers a lot of great, free, general-level information about starting a new business.