I'm saying yes for one very large reason.
Replace 5156 lotf.
Seriously. CoEmu (even the base version) is infinitely better than any version of lotf I've seen (yes, I'm fully aware CoEmu has some serious problems too, but for a publicly released source that's not just a framework it's damn good)
Re-writing much of it and converting it to a newer patch would be a breath off fresh air into the stagnated pserver community. You have no idea how much I'd like to be able to write more features and functionality for a source that someone actually cares about. Hell I finished an entire quest for CoEmu last week and was like 'why bother releasing it.. of the people who do seem to use CoEmu still they either A: don't want help cause they know what they are doing or B: can't understand the first thing about what I'd post'. While I suppose a similar argument can be made against an updated CoEmu version, improving the pserver community as a whole starts with yourself. Saying no one tries hard enough, no one releases anything worth using, it's all just copy/paste noobs etcis in some part due to your own failure to put something into the community.
Note: last part is not an attack on anyone, least of all the thread starter. Just saying that to improve the community you have to TRY to improve the community.