Interesting to see peoples opinions so far.
The general consensus appears toward a "perfect" edition; 90% classic 2nd edition, 10% clarification, correction, and expansion.
So what might a "perfect" edition look like?
* Keep the ability score tables as is, with the possible exception of removing exceptional strength (%). I personally abhor it, but it is a legacy item. If the overwhelming support is to keep % str, I'd keep it.
* Races: Human, Dwarf, Gnome, Elf, Half-elf, Halfling, Half-orc and Half-ogre. The latter two got pushed in Skills & Powers, and would make decent additions. Other races (orc, goblin, hobgoblin, minotaur, bugbear, ogre, kobold, pixie, and tiefling) could be inlcuded later in an additional supplement. Races would be mostly left the same, with an additional human benefit for removing level limits.
* Classes: Fighter, Ranger, Paladin, Cleric, Druid, Specialty Priest, Thief, Bard, Mage, Specialist. I'd really love to include the additional specialty priests from Spells & Magic/Faiths & Avatars (Mystic, Monk, Shaman, Crusader) but I'm unsure of the legality of doing so. Classes would be left pretty much as is, with a few tweaks for better gameplay (such a sphere access. An alternate druidic progression for non-heirophant druids would be provided. Dual-Classing would be eliminated (or regulated to a sidebar) and humans would be allowed demi-human style multi-classing (with restrictions). Wild-Mages, Assassins, and other 2e core-classes would have to come later.
* Weapon Proficiency and specialization would remain pretty close to core, but with the added rules from Combat & Tactics (unarmed combat, weapon mastery, etc)
* Non-Weapon Profs would remain similar to original concept, as glorified ability checks. Right now, I'm not sure in what direction to take them, other than towards a true skill system (akin to 3e on). I feel they are too important to drop though.
* Weapons & Armor would remain the same for now, with some additional items from other books trickled in.
* As many spells that could be done, would be done. The problem lies with the Tome of Magic; many of its spells never saw reprinting in any suitable format, and I'm unsure exactly how much of that material could be replicated. Being unable to recreate the new spheres of influence (chaos, law, numbers, thought, time, war, wards) would make specialty priest creation difficult.
* Magic Items would be fairly simple; few if any changed from 1e.
* The original Monster Manual for 2e had over 350 monsters, and I fear about 1/4 of them remain closed IP. Unless there are OGL versions of some (aacrocka, abishai, skeleton golems, etc) I'm leery as to what I could do beyond the SRD I could replicate.
I'm sure PnP can help with answering some of my questions, so before I move forward with a faithful clone or Pathfinder-clone, I'm interested in hearing more.