So from the node operator's perspective it's similar/equivalent to running an exit node is that correct? What would the traffic actually look like and what risks am I taking as a node operator? Technical please.

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That's correct, this is a similar legal situation as running a Tor exit node. However, it's in a datacenter paid with crypto, and not your home. Our organization would pay your VPS costs. What's involved is setting up a key and pulling a docker image. And I would count your Git project as a contribution to the community to be eligible. Please see this article for an overview of the process, If you feel it's a fit, then please reach out