I believe the answer, good sir, is that between the two of them, Sep and Cheiro determined that they would have an easier time making a whole new game system, rather than tweaking the epic rules into something that wouldn't defeat the purpose of rules being there in the first place. The end result to the best of my knowledge, was to call off the project after a time.
Atleast, this was the gist of the answer given to me, back when I first found the epic magic thread. I actually made this account just to try and track down Sep's rules-work, too...
Hopefully, someone will come along and cry "Nay!", and show me to the glorious golden composition that is the New Epic Magic System, but until then I must leave you with this sad news.