The problem though isn't the difficulty, it's the point. Many of the design decisions in Workbench made sense at the time, or were even cutting edge but would look very dated or even archaic against a modern desktop. Today things have moved on somewhat and I really question whether something that went even slightly beyond simply just producing a skin for LXDE or similar would be in any way worthwhile from the point of view of mainstream Linux users given the alternatives already in the market.
I'm not saying that there isn't the space for another player, I'm curious though as to whether or not there is enough space.
In a world where stuff like KDE and Compiz is standard, and we're moving towards Gnome shell and Unity ? I don't think this has much space to market to.
If the goal is a low power distro (and with open office, I kinda doubt it), there's already plenty of stuff to beat (DSL, Puppy etc).
Its not impossible, but Im not seeing it from an outfit like that