We're certainly under no objections to anybody deciding to undertake redoing a model as they see fit...t'is a community project after all. XD
The one think to keep in mind about any redone Orion is the nameplate. Typically, most ships will have a texture slot called "nameplate" that is used for swapping things around. The Orion, because of it's use and history, uses a specific texture name for it's nameplates that should be preserved, but that can be handled during the final game conversion process.
We've seen a few come and go in terms of modifying the Orion. It is quite possibly -the- most difficult ship to update however. Not in terms of complexity or the like (it's not vast on the scale of the Hades or Colossus, for example) but because everybody has their own perception of just what an Orion is, so it will receive the most critical scrutiny of possibly any model in existence. (In fact, we did have one person make some fairly significant progress, but then just pretty much walked away with it because of this).
So far as I know, we don't have anybody else claiming this model as being "in the works", but even so, the more the merrier, and it can always be a usefully model in or out of the MediaVPs.