First you should put everything on paper.
What can be nominated.
When and where you will be taking nominations.
When are you sending out the ballotts.
(full color like the OTY chairman does) would be the way to go.
How you plan on taking the vote.
When you are counting the vote.
When and where you will announce the winner.
(The OTY Chairman wears a Tux at the ceremonies, not sure if that is mandatory or not)

Then submit the plan to the board.
No reason not to do it as long as they have a volunteer that will do it.