Well I don't know all the details, but from what I understand there are something like at least two "levels" of participation (perhaps more but idk): everything, and "variants only" (in which case a "V" shows up next to your number on the blade.
Also, and please anyone correct me if I'm wrong, but I seem to remember instances whereby members of the club arranged the terms of their membership such that they could offer the dealer (in these cases usually a mom-and-pop type) the option to keep given knives that the member doesn't want, and sell those knives themselves. I don't know how common this is, or if it is even still done, but it sounds like a nice arrangement for collectors who have a good, solid relationship with a dealer.
My collection so far: 52100 Military (2); 52100 PM2 (2); 52100 Para3; Stretch2 V-Toku; KnifeWorks M4 PM2; BentoBox M390 PM2; BentoBox S90V Military; Police4 K390; S110V PM2; SS Delica AUS-6; Wayne Goddard Sprint VG-10
Wish list: Hundred Pacer; Sliverax; Mantra; 52100 PM2 SE; Kapara