Instead of a whole new server i wouldnt mind a Project M event. Something that WAS done in the classic era ( Velious )
http://wiki.project1999.org/index.php/Project_M - Now of course its a coding nightmare and like article states, would end up being a mess in most parts. It would still be amazing, given that many newbie areas on server, though not all bustling, are still active enough to make it a nice diversion. OF course it would be fun as hell on top of it.