An OpenACS point release every 3 months sounds very, very good to me.
The exact best time period could be debated I suppose, e.g. every 4
months is probably just as good as 3,
if those 3 or 4 or
whatever month release targets are actually hit reliably.
Unfortunately, releasing anything isn't quite as simple as just
cutting scope until the deadline is met, there's real work that needs
to be done in order to make sure both that the code is ready for
release, and that the grunt work of the release process itself gets
done.
But I think it's a really, really good idea to try...