I'd say that 1e and 2e were at least as compatible as 3.0 and 3.5. To that extent, it's not as worthwhile to start a complete new project for 2e.
Most people I knew actually played a mix of 1st and 2nd editions.
My goal, when starting the project, was to either create a "perfect" edition (including rules and updates that appeared during the course of the edition's lifespan) or to make a true and faithful recreation of the subtle differences (the differences in Str/Encumbrance, the specialist wizards and specialty priests, the higher level limits, the bard and ranger, etc) to support ideas beyond the project (kits, new classes, 2e compatible modules (which would work back to 1e).
Basically, to clean up and recreate the 2e experience.
If I had the will, I would start with being REALLY nice to PnP and piggyback OSRIC 2.0, perhaps as a supplement. A couple of chapters devoted to the classes and races, proficiencies, a chapter on combat differences (like the updated surprise/initiative system) updated spells, and some updated or "new" monsters.
As I said though, its a huge project and I don't have the ability to co-ordinate it, but I'm open for helping when someone does.
