TBH watch out for Stargate Worlds. The Stargate MMORPG from the hit series.

I had worked on a project exactly like this for free, to build up a CV, but the engine was crap, the coding was a little dodgy and the project leader when to Uni full time at the start of the game creation and passed the majority of the work onto others, needless to say they changed engine 3 times and for myself (Environment & Lead 3D Artist), it became a pain as I had to retouch and reexport every model. So the project folded and it was a bit of a waste. Not much was learnt from me and most of the work cannot be used in a Protfolio, due to it being very low poly, so its of no real use to me now or was covered under a non disclosure agreement.

No offence, I really hope you get it off the ground, but you have sum major competion in both the indie and corporate markets. MMO's are great but there are too many floating around for free play and free download. Just be aware what your getting into and be ready for the long haul. Maybe look at using Steam to get the product into the public eye, marketing is going to be key for you later in development.

Anyway Good Luck with it, and I did see the engine you chose and it seemed like a good choice to me.