No, it is kaput. Woomeister is the sole member of the original team still working on it (and for some reason he has consistently refused recruiting help with it). The original storyline was dropped anyway, so R1 is very much out of date, in terms of storylines. INF SCP (as the project is now called) will redo R1's story, and hopefully continue it beyond that.
Woo's concerned with his Inferno mini-series Inferno: Alliance at the moment as well, he's working on the second installment. Maybe after that work on INF SCP can resume.
Personally, I have doubts that any significant progress will be made on it without a full team behind it like it had before. It's not that I doubt Woomeister's abilities as a coder, but one guy can only make so much progress on such a large project on his own...