This is something I plan on attempting in the near future. I don't know if it will be finished, but it will be incredibly fun if it is. I thought I'd post some of my ideas here because I dont think this warrants a mod discussion thread, at least not right now.
-The AC gamemode will run on a dedicated server, and will function like an online AC. There will most likely be no AI residents, only humans. (But AI shop keeps)
-Each town resident slot is assignable to a client. This is assigned when they purchase a lot (after completing a tutorial) and the slot is secured for 3 days. If the initial mortgage fee isn't covered in the next 3 days (requiring the client to participate in the server during the next 3 days), the slot is cleared and assignable again. (Maybe 16 - 32 slots?)
-Mortgage must be paid every week. After 2 weeks of (all mortgages) not being paid, the mortgage defaults and the slot is cleared. Players can restore the data from their slot for up to a month afterwards (including items and money) but lot contents may or may not be recoverable.
-Modified 2Dcamera mod to simulate AC camera and movement
-Each town has up to 64 lots. Each client can have a certain amount of lots assigned to their player slot. Lots can be turned into either stores or houses.
-Certain lots are reserved for Service buildings. These include the town hall, the dump, the pawn shop, the clinic, etc.
-Service buildings and stores (player-owned stores) are populated with bots who complete transactions.
-Some kind of fishing and digging system.
-Interiors can be customized through building (and maybe buying prebuilt brick furniture/furniture bricks) Bricks are purchasable at stores
-Town follows either a 24, 12, or 6 hour day cycle. This determines how often certain things reset.