I'm an AXO--I don't know if we have a statute of limitations on when we can begin advising. All I know is that the chapter is without an advisor and usually is--it's hard to get people to commit to being so active. I know what that's like, because my chapter only had an advisor for my freshman and part of my sophomore year.
I'm in my second year of a Master's program, so I'm pretty familiar with the strains on my time. This year will be a lot more laid back than last, which is the only reason I'm considering it.
(It was not unheard of for first-years to put in 60-70 hours a week towards schoolwork!) This chapter is a lot like mine in terms of circumstances and demographics. Also, I figure that I'm close--no commuting involved except a walk across campus.
Thanks for the advice, everyone! I'm going to contact someone regarding what positions are needed.