We have had a weekly worship time on Friday for quite some time (it was suspended through August), though it's not quite what you envision above.
Let me be blunt about my view of the relationship of music to worship: music is not worship any more than wheat is bread. Wheat is an ingredient in bread, and in wheat bread the main ingredient. But wheat, by itself, isn't bread.
If it's about musicians sharing music, then it's a jam session. Those are fun too, one of my favorite things to do -- but it's not worship. Maybe that's exactly what you want: a jam session, where the focus is on sharing and learning worship music.
If you want worship, then the focus has to shift from the music to God's presence; where the music becomes the lens and God becomes the focus. Then you want to invite worshipers to lead others in worship. This can also be a learning time, but that wouldn't be the focus.
For this to work, you need to be very clear about what you envision, lead the effort, expect resistance and (some) apathy, go forward anyway, call and invite people to come, keep calling until they do, and when they do keep the focus on what the vision is. That's generally what it takes to do anything new in a church setting -- unless the momentum is already there.

I am looking at organizing a worship evening once a month (or every other month depending on how it goes) for music. I am envisioning a time for musicians to share their gift and a time for praise led by some of our musicians. I am wondering if anyone else has something like this going on right now in their church, and what words of wisdom might be shared?
Thank you!
Jennifer Dam