http://www.oceanlightwave.com/morrowind/index.html

http://forums.nexusmods.com/index.php?/topic/39317-wip-tes4-vvardenfell/

Was this ever released? It's an ambitious undertaking, I just hope it wasn't abandoned.

Given that the last update about that specific project was somewhere around 2007, I would say no. But there is another project that should not be talked about here which aims to bring Morrowind to Oblivion and this has progressed much further.