"Throw wiki at it" doesn't actually do much good—nothing fixed about S/N ratio in that alone, nor does it encourage anybody to produce content.
The key I think is to have some kind of structure. For an equipment wiki, you'd likely need template pages for each device, presumably one page per main model. The template would need facts like the name of the device, its main function(s), the manufacturer, model number(s), and introduction date and discontinued date. (I'd personally like home-country and manufacture-country, but I don't think many people care.) From there you'd need a section with an enforced NPOV (neutral point-of-view, a staple of wikis) which outlines the specifications. In theory this should be comparable between devices, so make up a list of all the devices and make templates for them (analog oscilloscope, digital oscilloscope, mixed-signal scope, multimeter, function generator, etc.) Some kind of NPOV, factual usage section that includes tips and scenarios—probably on different pages for all but a list of one-sentence hints. And finally a section for opinions and comments.
Already, there is a ton of work to do before opening the doors. And then it's a constant vigil against spammers, vandals, content wars, and just anyone with an axe to grind. Don't forget about letters from lawyers! It sounds like a big headache to me, but if you're up to it, go for it.
To be honest, getting a domain and Wikia software is not hard. I use Dreamhost and it's one of their "one click installs", included with most packages, so I know for a fact it's about US$10/month to get going. Other hosting services are equally competent.