Hmm, possibly a committee of the "elder statesmen" of the board? They could divide up the various forums and work back through, finding the more memorable threads with the help of the club at large sending suggestions for specific threads? After selection, they could be flagged(linked) to the admins for crosslinking to the HOF forum.
As far as where to put them, the only thing I could think would be another section at the bottom. In fact HOF sounds like a good name.
The technical threads are a little easier to search, so I don't see much point in compiling the mechanical sections, unless there'* a specific thread that contains some kind of forum literary gold...
Another option would be a locked sticky thread with links to the various HOF threads(which would need to be locked to prevent noobs from posting in them). Once the initial selection process is done, newer threads could be selected on an ongoing basis by the staff.
I can think of a certain thread, actually, a collection of threads, nay, two entire forums
that would definitely be on the list...do a search
on "beer and Dremel tools".