Haha don't wanna overwhelm you with too many projects at one time Gabe! This will be a fairly lax project for "funzies" if you will. Graphics should not be a problem, actually my friend has already created quite a few graphics for this game already and they look pretty spot on:
(Example; Planet Zero)

As for the audio, I have composed a number of tracks, all MOD files which in theory should be able to play on the DS, but I have run in to a snag or two with the song audio, for sound effects it is no problem however, which I plan on creating myself.
If you are both in I'll add you onto our project hosting on Google Code, and perhaps start a specific topic on DIC for this project. Just pm me your email addresses so that I can add you.
The only things I can think you'll need are the following:
Download a
DS emulatorCheck out the
PAlib library for DS development (Site gives a full example on how to sync with Visual Studio which I recommend, if you need help let me know)
One final thing, we are creating a vertically scrolling shoot em up, however I know that Gabe has an affinity for the FF series, as do I. Nothing is carved in stone, if you and no2pencil want to focus on RPG development instead that could be a possibility as well. For now, we have a pretty good start on this game so far as far as graphics and programming goes. Let me know what you guys think.