I think it's a pretty cool idea. Maybe the TR team with pick it up... Though I'd personally like to see Morrowind imported first.
I actually suggested something similar here for multiplayer:
http://www.gamesas.com/topic/1320106-official-tes-multiplayerco-op-thread/
Basically, to incorporate something like Chrono Trigger.
Lots of quest work and landscape editing… It would be like making two full ES games practically getting both Morrowind and Oblivion imported.
Would be pretty awesome though. Plus if they do multiplayer, you can team up with a few friends and scale up the difficulty. Also the idea of multiplayer instanced areas with larger bosses and tougher strategies, and rewards or achievements that unlock NPC dialogue, quests, or subtly effect things in the single player world.
Would be the greatest thing ever!
Sqeeee! =P