Restarting the project is really an awful idea. True, the hack has been in the works since 2011, which is far too long; however, would everyone rather see the project completed within one year or two to three years if we start over? In other words, a restart means a longer delay (and a higher risk of the entire thing being abandoned.)
It would be a shame if the entire project were scrapped when it is within reach of completion (like ASMT2, which was about 90% finished.)
True, the hack may be somewhat dated now, but that's inevitable with any collab that takes more than two years to complete. Provided the levels are better than SMWCP's schizophrenic stages and all of the bugs are ironed out and, above all else, the hack is fun, obsolesence won't be an issue.
It at least won't be as outdated as Wizardry IV: The Return of Werdna or Dragon Quest VII. That is, if it can be completed as quickly as possible.