I'm with Nimrod on this. There's nothing to lose through asking, so we might aswell try. Who knows, a push for the source code might stir up some buzz and open some interesting doors.

The only obstacle will be that there are only about 7 or 8 people active here at the moment. Maybe more like 10 or 15 if you include lurkers who occasionally show up. Still not a lot of people.
We'd need to push pretty hard to gain any real traction. Perhaps a post on Epic's forums or somewhere with a larger audience could pull in a large enough pool of oldschool fans to get noticed. Or maybe if we can get LGR to retweet us or something.

Either way, I think if Jazz 2 were to become open-source, it would open up the community to modders and newbie coders who are interested in how an engine like Jazz's is set up. Could be very good for the community.