Write your own. Neither LOTF or COEMU are worth working on, although COEMU is better of the 2, your still better off writing your own. If you write your own you have a significant advantage over other sources and projects.
You can atually debug your own code. You know that if there an exception in your packethandler you can goto that precise line and know what that line is meant to do and better understand why it isnt working. Instead of taking a picture of the exception in the console and posting it on a forum and waiting for someone else to fix it.
That is the single greatest advantage when it comes to writing your own source, you understand your source.