1: Is it possible to create a PPC-based version of the Minimig?
Yes. Not hard at all. Making it behave like a Blizzard PPC or CSPPC; not so easy but possible.
If Hyperion end up winning the lawsuit. Then I think they would be amenable to the idea of supporting a PPC minimig.
2: How long would it take to redesign the 1.1 minimig to be PPC?
Depends on the implementation. If the implementation didn't need to imitate a classic PPC solution then hardware wise a few months. Otherwise maybe a year.
3: Is anyone willing to do it?
I am if it doesn't require imitating a classic solution like Blizzard. Also no AGA, instead modern graphics, USB, Ethernet.