Anything that requires legal help/attention/aid/anythingatall will always take an obnoxious amount of time.
That being said, I think this is a great idea. I've been reading through the old threads and there are some great ideas. I also loved seeing everyone collaborating, and some of the backstories that came out were amazing.
We're obviously pretty busy getting everything ready for Guild Wars and fixing things up so this will have to be on the back burner a little longer. Bear with us!
(Feel free to ping away at me @Jainus, I really don't mind. Sometimes it just takes me a little while to get back to you when I'm sifting through things. )