Would anybody be interested in an open source project that loosely relates to Jazz Jackrabbit?

Epic owns the rights to Jazz, but what if we came up with a planet that might exist in Jazz's same universe and developed a game based on it? I don't think we'd be able to legally make references to any Jazz-specific names, but that's beside the point.

Anyway, here's how it would work:

1) We formulate a general idea.
2) We create a website to hold all of the most updated information, source code, graphics, etc. which would be publicly available to all.
3) Anyone who wants to submit design ideas, graphics, code, or anything else can do so.
4) A core group of developers reviews all submitted work and decides whether or not to introduce it into the game.
5) Once the game is good enough for release, the code base remains open source, so add-ons and sequels can be developed in the same manor.

What do you think?

-Onag