First slow your role. Next, people have already done it with other games that are a lot longer in length then LoTV. Being on these forums for while now I have seen that more people then not support Ren'Py then RPGM which was intended for...you know...actual RPG games. For the most part these games are nothing more then "Visual Interactive Stories/Novels", I am not trying to downplay what some of these developers go through, but if more people are interested in playing the game through ren'py then it's logical to think that you'd get more support for said game.
Also I have a career job, so no, I have no desire to create such a "game". However I do know of one person on these very forums that has done just that, made his own game called "Jessica O’Neil - Hard News". Pretty sure he was a supporter of P&P back in the day but also grew frustrated with the delays/excuses and decided to make his own game ( which is quite good might I add..). All in all P&P could let someone else like the other games work on the Ren'Py version while they continued to work on RPGM. More options for potential supporter's is never a bad thing.