Here’s some stuff on the “philosophy” side of Let’s Play.
Are you violating copyright laws?
It’s not clear whether or not LPs actually constitute “Fair Use” or not, since you bought the game for your private consumption. Some companies are more chill about it than others, since you are basically advertising the game for free when you create an LP. However, even on youtube, some straight LPs have been pulled for violating copyright; off the top of my head, I remember that an LP of Final Fantasy XIII-2 edited the cutscenes to look scrambled because Squaresoft didn’t want the endings spoiled (or something like that). Just be aware that your content may be pulled, even if you take precautions to not use copyrighted material or edit things out.
What medium will you be using?
[ol]
[li]Screenshot[/li][li]Video[/li][li]Mix[/li][/ol]
Capturing screenshots may end up being less effort than recording video and then editing out the boring bits–and, of course, if you can emulate the console on a PC, then you don’t even need recording hardware/software. Of course, if you are going to do a screenshot/mixed LP then you will need a website and be able to write HTML.
How much editing will you have?
[ol]
[li]No editing, everything happens “live”.[/li][li]Gameplay recording first, adding post-play commentary (voiced or subtitled), but no other editing.[/li][li]In addition to post-play commentary, the gameplay is heavily edited–skipping the boring bits, freeze frames for important segments, etc…[/li][/ol]
Obviously, choice #1 is the easiest to do on a technical level, but not everybody can play and commentate at the same time. On some games, you also have segments where nothing really “important” happens–for example, do you really want the audience to suffer through 5 hours of repetitive level grinding?
How familiar with the game will you be going into it?
[ol]
[li]Never played it before, this will be a “blind” LP.[/li][li]Has played it before, but doesn’t know all of the secret stuff.[/li][li]Knows everything to know about the game.[/li][/ol]
In general, the more your intended audience knows about a game, the less you have to know about it (since part of the “fun” is them watching you screw up and knowing that you did), but knowledge about the game saves you from a lot of failure, backtracking, and tedium. Also, some games are better suited for blind runs than others: horror games, for example, lose a lot of their punch once you know where the scares are.
How in depth will you go into the game?
[ol]
[li]Just make it through once from beginning to end.[/li][li]Get all the endings, if multiple ones exist.[/li][li]Pick up all of the optional characters, if they exist.[/li][li]Show off exploits for speed running or power leveling, if those exist.[/li][li]Explore alternate routes, side quests, or optional content in general, if it exists.[/li][li]Some or all of the above.[/li][li]Other.[/li][/ol]
Some of this will depend on the type of game you’re playing and how well you know it, and then after that, it’s a matter of how informative you want to be.
What sort of presentation style are you going for?
[ol]
[li]Schadenfreude: The audience is laughing at your suffering. (Pro - Even your failures are entertaining. Con - If you fail too often and too badly, or if you can’t come up with new reactions other than “F*CK!”, it stops being funny.)[/li][li]Performance: The audience is watching you play around or show off your skills. (Pro - You don’t have to have a particular gameplay goal in mind. Con - You have to be very knowledgeable and skilled at the game.)[/li][li]Challenge/Restriction: The audience gets to determine what sort of handicaps you give yourself. (Pro - This puts a new spin on what might otherwise be a well-known game. Con - The challenge/restrictions might get too ridiculous, and you end up with the same issues as a Schadenfreude run.)[/li][li]Audience Participation: The audience gets to direct where you go next or what choices you make. (Pro - The audience becomes more engaged in what you’re doing, since they have a stake in it. Con - You can’t move forward in the game until they make a choice unless you want to record multiple runs.)[/li][li]Informative/Walkthrough: The audience is learning new things about the game or being shown how to play through the game. (Pro - The information you give will always be relevant, so you might get views from people wanting to know more about the game, and you might also get repeat hits. Cons - Same as Performance, and you may need to do more post-production editing.)[/li][li]Combination: Some or all or the above.[/li][/ol]
Some final thoughts:
[ul]
[li]It’s not possible to please everyone.[/li][li]Practice makes perfect.[/li][li]Unless you can get a sponsor to pay you to do this full time, you’re doing this for fun; so if you yourself aren’t having fun, then maybe it’s time to stop.[/li][/ul]