Its definitely not useless. I had looked and started a few bits on a similar project myself, but I doubt I'll have the time to have a proper stab at it, thats why I think if someone else does it will be very useful for quite a few people.
As you say, the work is big, but feel free to shout if there are any specific bits you need help on as myself or someone else may have some ideas.
You may want to think early about how you will decide how a person will 'include'/export the created Snap or SVG or whatever it is. As some Snap animations are fairly unique and custom, you may need to export code as well as SVG. Quite an interesting project though!