I'd like to see this begun with a Solstheim recreation first. Then a Morrowind recreation. Solstheim first because it's small (compared to an entire province) and it will share a large number of resources with Skyrim due to the extremely similar climate region (though a bit of liberty will have to be taken in depicting the Dunmer refugees and what became of them).
Morrowind is mostly destroyed/ there's a giant crater shaped bay/lake thing where Vivec used to be, so it's not too hard to create (i.e. no need to add in all the cities because most are gone). Also, many models from TR could be (with their permission, of course) ported and modified to fit the Skyrim quality. New models don't infringe on the game's copyright.
A project like this needs to be planned for now, so that concept art (and hopefully tons of it
) can be developed in anticipation for the game. That way when Skyrim comes out, besides some info that we'll get from the upcoming book/new lore in-game, everything will be ready to dive into the CS.
Those are just my thoughts, but eh, I thought I'd share them.