I plan on combining 1.5 lbs of rice (ground up in the wife's magic bullet) and a pound of corn meal along with two pounds of American two row malt. Bring it up to 158 deg. for about twenty minuets and than boil it slowly for about half an hour. Some of the things I have looked at are calling for 2 to 3 qts. per pound of water for the cereal mash and for me that is going to be about 13.5 to 9 qts of water depending on what way I go.
That's essentially the process use. I wouldn't worry much about the efficiency of the conversion, you just want the enzymes to chew the grain up a bit to improve gelatinization. The bulk of the conversion will take place in the real mash, after the cereal mash.
I would stick with a very thin mash. These grains are going absorb a lot of water and swell, so if you run the cereal mash thick, you'll end up with paste.
Edit: I just wanted to add that I start this in cold water, so that it gradually passes through all the enzymatic steps. In theory, you want the glucanases and proteinases to do a little work, as well as the amylases, to open up as much of the starch as possible to gelatinization. This may not be really necessary, especially for the rice, but that's the way I've always done it with corn meal.
Also, be prepared to stir this almost constantly once it comes to a boil, or you may risk scorching it.