Seems interesting... and certainly possible, but it's going to be a long and hard journey for you if you want to go all out, which it seems like you do and I'm sure you've already accounted for this and are prepared for whatever challenges lie ahead.
I suppose the game you are trying to make would be sort of a mix between Ultima & ArcheAge correct? with a more in depth crafting and "raids"/dungeons than ArcheAge and possibly a different art style/visual approach, with elements of Ultima thrown into the mix?
Seems interesting and I for one would definitely give it a go, I'm already greatly invested into ArcheAge and would definitely like something similar yet unique.
I doubt I could be of very much help when it comes to making this happen as of right now but I'd be more than happy to give input and ideas / criticism once it starts to progress Good luck with this man, but the cold hard truth that could happen is that the project simply doesn't work, something too similar gets released before, people give up on the project, you lose a lot of what you invested and so on... But I'm sure you're aware of this but then again, with High Risk Comes High Reward I'll look forward to seeing how this unfolds!