I thought for a long time that rather than move to Wayland, we could come up with a tidied-up version of X. Sounds like a good and useful project, I hope it progresses.
It was always an option, but "just" needed someone to dedicate all their time to it and pull in a group of long term maintainers. The real question is what will happen with the project in 2 years and will it be stable for day to day use.
I thought this too and originally thought that’s what Wayland was going to do but it went off and did its own thing.
I’m all for an X12.