I was anxiously thinking about the same stuff right now, that post made me happy...a little bit.
By the way, Drakan's soundtracks playing in the background while I'm writing this reply. Can you feel the passion?
There are probably many people who could work on this project as volunteer. In my opinion, the characters, and even general characteristics of maps, weapons, creatures should not be changed. People love it as it's. I personally don't care about the video game with different base story.
I'm a web developer, not sure if I can be useful but ready to learn anything and work hard for rebuilding World of Drakan. After getting rid of this copyright thing, an experienced leader may led the team, someone like you. Maybe the kickstarter like websites could be the starting point.
I guess this copyright stuff must be more complicated than you think? Otherwise why other video game development companies wouldn't do it?