There is no live twitter chat but there are chat rooms in facebook but I am not sure if you can just set one up for something like this.
There are other chat systems out there, the reason so many people use IRC is because there is a large number of web and fat clients available for it. It is also realtime. Many of the web based chat systems have to do a refresh to get the page updated.
The other advantage to IRC is there are a number of places to host your chat room where you do not have to worry about the servers, just put a java client on your website pointing to the server and your room and you are good to go.
I have experimented with some of the web based chat and I doubt they could handle the volume of chat that goes on at networks like GFQ or Twit.
If you are not familiar with IRC, the maintenance of the chat room with Ops, Kicking, Banning, etc. is a little overwhelming at first. There are some great tutorials out there though.
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