Both original code and modification Chrono fan games have been halted by Square Enix legal orders, so the precedent isn't too promising on the Chrono front -- although it will be interesting to see what happens with the RPGMaker Chrono fangames in progress.
As for something non-Chrono, it will be difficult to get lots of people on board for a new intellectual property; that's the whole draw of working with an already existing property -- there's already an energized fanbase, and if a subset of that fanbase has the appropriate skills, an energized production team.
