Hello,
A worthy project, but one beyond my ability, would be a version of Metafont that output PostScript instead of bitmapped fonts.
This is really trick. There is a lot of non-trivial math involved as far as I can see. See the discussion on tex-fonts one year ago on Analytic Bezier curve intersection for MEATFONT and alike.
It seems that the bulk of the necessary labor was done in the creation of Metapost. All that is needed is the production of a pfb file and an afm file instead of individual graphics files.
No, there is more than that. For example, there is no postscript equivalent of shaped pens on a path in type-1 postscript
Does anyone else dream of such a project?
A "lot" of people do. Search for example for metatype1 Patrick -- ConTeXt wiki: http://contextgarden.net