been chewing over this sort of thing for a couple of years now on and off, though mostly aiming towards FS1 which I believe is much more in need of this sort of tretment to tighten up things like fluff consistency, but with either of these you have a massive obstacle which ST:R had on a much smaller scale, which is the sheer volume of missions involved with either of the main campaigns.
The original ST in terms of mission numbers matched about the length of a single Act in either main campaign iirc. I am not saying it would be impossible, far from it, and there have been several very successful major projects but the challenge of maintaining momentum on such projects is not to be ignored, which given the high collapse rate of projects here in general, let alone ones of this scale I think you can see why I see this as such a big concern.
So
* yes possible
* yes I would love to see something which allows the telling of the FS story in a way that fixes the problems therein and takes advantage of relevant FSO functions
* but plan to have problems with motivation/staffing because you will have them in abundance.
On that note as I said I have had a few incoherent thoughts on this and I would be happy to discuss them but I dont think i have the time available to actually work on something like this at the moment