First off, it's dated. The vanilla meshes look terrible next to current replacers, and the textures could also be redone. It's also completely incompatible with other mods that alter the same leveled lists, because it uses the AddtoLeveledList function in its start script.
But by far my biggest problem with it is the complete removal of vendor's restocking ingredients. This nuke-it-all approach is all too common, because it's the easiest, but it's also the laziest, and many people refuse to use any mod that does it. I've written tons of restocking vendor scripts that solve the problem much more elegantly (and function more reliably than PirateLord's Trade Enhancements restocking scripts, because I've tried doing it his way as well). It's a lot of work, the way I do it, but I make every vendor unique and give them regionally-based inventory. Since I'm making a vendor overhaul that does all the standard ingredients (among other things), I wanted to make a version that does Sri's ingredients. If I made a new alchemy/ingredient mod, I'd just integrate the same kind of scripts into it instead. You wouldn't need a third add-on at all.
I'd also make a lite version that doesn't alter the effects of the original ingredients, only adds new ingredients and alters leveled lists (the proper way, so you can use a leveled list merger) so you can find them. I'm not sure if I'd include the restocking balances in that one.
I also have a ton of new ingredients. Most of these were added because I felt they *should* be there for the sake of realism, or just for added variety. Some of the new things I've made are:
Coal and charcoal. There are coal piles found throughout the game, so I turned those into containers. I made the charcoal for my smithing resource, because that was more commonly used by blacksmiths (it burns cleaner, and can be added to iron to make steel--coal cannot), and mostly put them in barrels near forges. I could add charcoal to burnt trees in Molar Mar, but I don't want to add major conflicts to any landmass overhauls.
Kelp and moss. You can pick almost any plant in the game, so why not those?
Kollop meat. Because why just pearls? I'd have to make a Graphic Herbalism patch for this, and I wouldn't change the pearl leveled list, so it would work fine with Pearls Enhanced as well.
Slaughterfish eggs and egg sac containers, because Skyrim has them, why not. Adds realism. Again, I'd use a light touch on adding these to minimize mod conflicts.
I made silver and lead for the smithing resource. I'm also thinking of making new ores for these as well as the ones already added by Sri's Alchemy.
I'm also thinking of making some new kinds of mushrooms, probably based on later TES games, because having only two kinds of mushrooms get visually boring after a while. That's why Skyrim added something like six or more. I use Graphic Herbalism scripts on them for a GH patch as well. I'm more concerned with mushrooms than new plants, because Vvardenfell is just a mushroomy kind of land, and it would be mostly to existing caves because I don't want to add a ton of conflicts to major landmass altering mods. Let's face it, the caves need way more love. I'd look into making it compatible with mods like the Caverns Overhaul.
Things I won't be adding: anything that doesn't fit the setting. For example, I added imported honey to the Tea Mod, but I wouldn't include it here because Vvardenfell does not feel like a bee friendly climate, what with the blight storms and all. The existing plants are probably pollinated by something far creepier-looking.
What about ingredient rebalancing?
If people have ideas about how it could be improved, here is a good place to discuss it. I'd also be looking at tweaking prices and weights. For example, 30 gold for hackle-lo has always been ridiculous.
I would perhaps increase the availability of Tribunal's ingredients in Vvardenfell, as Srikandi did, but I wouldn't do the same for Solstheim. Trade is barely established there (until you come along), so there's no reason to regularly see bear fat in Vvardenfell, except for maybe Dagon Fel. I might include some of the ingredients in select alchemist's restocking scripts/leveled lists, but they would be rare.
As for altering alchemical properties, is there any demand to add skill-fortifying effects across the board to add wider variety of effects? I can either go total replacement on the mod, or stick strictly to Sri's changes (so people don't have to relearn them all over again).