I wouldn't say "the team" wanted it. Some members (or most likely just a single one) where quite adamant about it.
Beside that, if everything was done anew, from the ground up, any possible claim IPA had on TBP would vanish, since the only things that would remain the same, would be the things that are legally owned by Warner Bros and Straczynski and the name "The Babylon Project" which was already chosen and set, by the time IPA joined the team. He might have been a long-time leader of the Project, but he was not among the founders.
Anyway, considering how many years it takes to build such a big and detailed total conversion I doubt it will ever happen.