Well, whatever happens, I think this may need a new thread.
There are going to have to be a lot of points to be considered even before this project gets off the ground such as:
1) Can we obtain the source code?
2) What language will it be in, failing not being able to obtain source code?
3) Copyright and legality infringements - these need to be sorted out
4) Contact with Ydnar regarding the implementation and integration of new features.
5) Recruitment of people who can actually do this
6) Setting up and getting a homepage for this (jediknight.net?)
7) How to expand and improve the original
8) Multi-game support
9) Name of project and application (Open ShaderED project, to steal a name of another recently setup project)
(Note: not in any particular order)
There are probably a lot more questions that need to be asked and answered, but I can't think of anymore off the top of my head....
Regarding point 1, it may be best if a team and a homepage is assembled 1st, so when submitting a request to Raven for the code, it'll make it a lot more legitimate and professional