It's not technically a project yet, but based on the very positive feedback I'm going to start moving forward with this.
There were several suggestions about using more than one artist, but I'm not comfortable with that for a few different reasons. First, I think having a consistent feel to the Necronomicon is important, and the easiest way to accomplish that is to have a single hand doing all the work. Second, it complicates the logistics. Ideally, this is going to be a fire and forget project. Once an artist is selected they'll set up the fund drive, collect the donations, start cranking out the artwork, and handle mailing off the original artwork to the premium donors.
Speaking of artists, if you have a suggestion for someone you think would be good for the project I'd love to hear it. Longtime readers of the blog are aware that I'm a huge fan of Francois Launet's work. I adore the style he's adopted for his "Goomicronicon" and would love to see him expand on that, but I'm open to other styles as well.
I also wanted to clarify my own part in all this. I'm planning on laying the groundwork to get the project launched, but after that my role will solely be as a cheerleader drumming up support. Conceptually, this is just a commission for some artwork, albeit one being paid for by hundreds of interested patrons. Once an artist is chosen and the fundraising begins I'm just another donor.