So, it seems that the FSO rendering engine is kind of outdated... even with the fairly recent addition of GLSL support, it fails at many simple things like proper draw order / depth sorting.
I, for one, believe that it would be better to attempt a ground-up rewrite of much of the rendering code, rather than be limited by the capabilities currently available, and having to deal with increasingly messy code as small patches and improvements begin to mess with each other. The idea is to do a big project now rather than suffering indefinitely from the obsolescence of the rendering engine.
I believe this is doable, mainly because it was done to give FSO OpenGL support.
Discuss.
I personally have a decent amount of experience with OpenGL, so I could in theory assist with such an endeavor, but since I'm in a year-round college, even during the summer I can only offer freelance contribution...