Last night, my wife and I spoke at length about swinging. We both discussed our thoughts, desires, and rules/boundaries. To my surprise, we matched up perfectly and are on the exact same page! We agreed to take it slow and just feel things out initially but are both open to soft and full swaps only in same room with condoms for penetration being required. She also said she doesn't want other males cumming in her mouth and I explained she needed to be up front about that.
We also watched an episode of the Playboy Swing reality show, together, which REALLY turned us on. We had some of the best sex we had in a while after watching that, talking about swinging, and imagining ourselves doing it. Who's to say what actually happens the first time I see my wife penetrated or the first time she watches me with another woman. But so far, so good. We'll also be constantly checking in and communicating before, during, and after we do anything.
We both agreed we are going to drop a little weight before trying it. I'm 5'8" ~205 and she's 5'10" ~240.
I'm going to keep learning here and trying to start dialogue with local clubs so we can familiarize ourselves.