Iron Sights, Driveable Tanks -> Mod
Better Graphic, Fix some Bugs (hunkmegs, trap_R_SetColor (argh these facking bug in et…)) -> Engine
Thats is the best for all 
You like Ironsight in ET? Then make a Total Conversation of a Total Conversation:
Tce come back to ET but with Ironsight. You need: Build the Maps new, make new Weapons-Models usw…
Have Fun
and now back to the chaos mod…
Well. Beside all that exuberance i have my worries that using the engine source code for anything else than learning, bugfixes and slight improvements, will kill the game. It will sort of “split up” the community with users playing on different version. Dont rape the code !! Because it really is just rape in my opinion.
Also as already mentioned. These new graphics are oversaturated. They wont fit ET.
Thread has drifted totally offtopic.
I haven’t thought enough before opening that thread.
As W:ET and the assets are already free available free assets would only be required if one would create a game based on the W:ET engine and client source.
A free availbale RTCW is much more needed.
Means all the copyrighted assets would be replaced by free available ones.