Hi Lorel,
While it's so cool, interesting, fun, etc. to be involved with something you believe in and that your children take part in, I have found it's not much fun to do it alone and be responsible for everything. Then it becomes burdensome. It sounds like your association is excellent, so I would assess the 200-some "members" in terms of who else will help. Are many of them on their way out like the former leader? Are they burned out, or are there a lot of newcomers with enthusiasm & energy. Now would be the time to set up a reorganization meeting (not once you've tried it and found it to be overwhelming). Committees should be set up, with clear responsibilities. A leader doesn't do all the work, but facilitates. If you take it on, realize it will impact your time, family, other commitments. Make sure others in the group are going to help and that it's important to you.
I work with one other woman in our local gifted association. We do almost everything, and I definitely wouldn't do any of it if she weren't doing it. I think it's very important work (advocacy with the State, district, gifted department, speakers for our meetings, newsletters, science festival coordination, etc.). And there's so much more that could be done (Math Club, Spelling Bee, National History Day, etc.), but we cannot do it ourselves. Even though parents of gifted students (similar to parents of homeschoolers) are usually a very active group, no one helps and some have petty peeves IMO.
Good luck with your decision.
Cym