Any game that stands a chance of capturing some of that old magic is going to have to be super indie. Anyone with a non-super-indie budget is just going to be too risk averse. Even the kickstarter projects are trying to go too big and too shiny for their own good. I think the only way forward is with a tiny team with tiny production values and tiny ambition who can still manage to release something that people will actually pay for. (If the ambition scales out of proportion to the paying audience, you get games that drag on until they finally run out of money and launch unfinished... so almost every mmo ever.)
I've run an EQemu for a couple of years now, so I know there are definitely people willing to play a game with oldschool EQ's production values. Some even offer to donate (though I've never accepted any), so people are even willing to pay to do so. Whether enough people would pay to play an oldschool EQ that wasn't EQ is the question though.
So: Would you pay to play a game on-par with vanilla EQ? And more specifically, what's the smallest slice of mmo (considering production quality, features, and content) that you'd pay to play today if you knew that your payment was directly funding further development on the game?