At this point, it might be helpful to try and define the goals for the project a little more clearly... for example, what are we planning to deliver? Is the goal to create a generic build system for generating customized Fedora bootable CD's... or are we trying to assemble a "one size fits all" release with a flexible set of startup options?
How about a project website, cvs and download mirrors? Is this a good candidate for SourceForge or is Red Hat thinking about providing this support?
Last but not least, leadership. Is there a "benevolent dictator" at this point? :)
-Tom