Giving out ISP service with a "guaranteed" 1MBps service is going to be
VERY EXPENSIVE: Read: about $500/ month per user.
Since you're probably using 802.11b for a transmission point, keep in mind that you only get an effective throughput of about 3.5 MBps and an indoor range of about 100 feet. I don't know who you plan to serve with this, but unless it's your immediate neighbors, or you plan to put a booster antenna on top of the building and only offer service line-of-sight, then you're not going to have much luck.
As for getting a T1. I till cost you... I would estimate roughly $2500 per month is pretty cheap for an SLA on a T1.
You could look into getting an HDSL/RADSL connection that COULD give you about 7MBps of bandwidth and that would only cost you around $900 / month but you would have to be within a stones-throw of your nearest DSLAM or it's not an option.
So you might be able to get 30 connections on an array of 5 or 6 Access Points. Assuming buying the points and wiring them, setting up at least two servers and a good router will cost about $10,000 and that you could provide pretty good service with a $900 line. That means you would have to charge $70 per connection per month in order to break even in the first 8 months.
If you want to try to coax people off their DSL lines by only charging $55 per month, your break-even point falls about 13 months into it and we're still completely neglecting mantinence costs and network upgrades. This is also assuming that you're willing to work for FREE!
So lets say you want $1000 per month for your time (about $5 per hour)

Even if you charge $80 per connection, that pushes your break-even point out to about 24 months, at which point- people will start to be mighty unhappy with their 3.5MBps wireless speed. Of course, then you're looking at another 10,000 upgrade.
Now, I understand why it's hard to run a wireless ISP- wires are cheap. Air, aparently, is not.
Eric