I am interested in seeing this. NuBSG was very good, but, at times, it did take the "reality" a little too far, IMHO, with things always being so grim and hopeless and never a bit of fun. Never having any fun or a break from the depresion, no matter how grim things get, to me, is just as unrealistic as being shown to have too much fun during grim, hopeless times.
A balance of tones, in between BSG:TOS and NuBSG could be quite good.
Speaking of development hell, I'm still waiting for The Dark Crystal Sequel
<had to finally stop holding my breath, though, or I'd be really, really purple by now>