The post full of features is essentially a comprehensive list of every feature I've seen in a number of different Iban edits that were semi to moderately successful. Yes your specific re-coded version of Iban's original idea is probably going to be the most efficient and well-structured version. But Iban's idea sucked, no matter how it's coded or tweaked. CityRPG has no direction, no goal and no real gameplay.
I disagree that CityRPG has no direction, goal, or real gameplay. It all depends on who is coding it, which direction they take the mod, and how it's essentially hosted.
While Iban wasn't known for being the best person for the job, I think his newest project for CityRPG would have been a big hit if he hadn't let his emotions take the better of him and decide to leave the community and project all-together after he got banned.
Anyyyyways...
I think a crowd-funded cityrpg-style gamemode (but not really city rpg, like called something different with certain elements of city rpg) would be a very good idea.
I can't really see anybody else pulling something like this off aside from some of the big-names within the community such as Pecon.
Heck, if Pecon actually decided to do something like this I guarantee I would put money into it.