I really depends on the others and mainly Will (The 95 Headhunter) who started it off in the first place. It's probably a little too big for one person to do themselves successfully. I'll be starting my own XWA stuff though once my current BoP campaign is done, well if Freespace 2 doesn't draw me away totally by then.
The modded .exe for my XvT stuff just resets the starfighter stats to the same level as in Tie Fighter. I set out to stop the Tie Advanced being destroyed by just one advanced missile hit when the player was in control but I ended up altering the rest of the starfighters as well to match Tie Fighter. You don't need it installed to play but it may make some missions harder or easier, other than that no extra ships are needed.