This post and the comment by drsamsara got me thinking about writing my own retro clone. There are certainly a lot of rules I would love to change, and I have some ideas for different things to rework to make my game different. And besides, Bob's Game of Adventuring has a nice ring to it.
Truthfully, I have no desire or delusions about writing my own retro-clone rule set. I am perfectly happy plinking away at my own little tweaks and ideas for reworking Labyrinth Lord and other already-produced rule sets. Reworking the core just to add my own bits of flavor seems a bit too egotistical for me and a bit redundant. LL, especially with the addition of Advanced Edition Companion, has all the base rules I need to run the game I want.
I know there are plenty of people out there that love seeing alternate rule sets and different interpretations. Great! I like to look at different rules to see if anything strikes my fancy that I can steal and tweak for use in a game. But that doesn't give me a compelling drive to write my own set of rules.
If you want to write your own set of rules, go for it. If you post it for free, I may even take a look and steal some ideas from you. I doubt that anything new will become my go-to system is place of LL, though. Any new game is fighting 33 years of personal experience with that system, and I'm pretty attached to it. To paraphrase (at the risk of sounding blasphemous), as for me and my house, we will serve the Labyrinth Lord.
That said, I am always anxious to see what other people are creating as far as characters, story lines, adventures, locations, monsters, magic items, and so on. If you have modular content that I can use in my game (with or without conversion) or look at and use as a springboard for ideas, that's even better to me than trying to create a new rule set. I can add these things to my game much easier than I can learn a new system to do what LL/D&D already does so well.