Step one, I would presume, is to have a setting in mind. Done. After step one, is where I am a bit confused and in need of advice, from you werewolf veterans. I know it takes consistency and effort. Being online a lot to keep up with questions and such. But does it take having everything plotted out? Like coming up with the murder, and having the clues, but only telling a certain amount of the clues unless people ask? I can't really narrow down my questions, and I'm sorry for that, but can any experienced werewolf host offer tips and how to set everything up pre-game?
In addition to what you've said (consistency, effort and enough time), all you really need is an understanding of how the game works and the reasons the rules are the way they are, the ability to think up and communicate reasonable evidence, and an open enough mind to take advice from more experienced hosts (who are usually more than willing to help out).
In my experience a great deal of planning is not required, although you will of course need some basic organisational skills and have an idea of how you want the game to progress. In my experience, usually you fill write-ups with what you feel is a reasonable amount of evidence (I never intentionally withhold clues, personally) and then decide on how much you want to help them out with clarifications and question answering based on how well they are doing.
If you want to talk about general hosting or specific questions I've finished my exams for now, so feel free to shoot me a PM (same for you, Spectre).