The story, as important as it is, is one of the easiest aspects of the game we could work on. There are several other things to consider first:
1 - License: I don't think we need to buy a license if we make a freeware fan-made tribute game (much like the game Might and Magic Tribute, developed by the loyal M&M fans over at
Might and Magic Tribute. As long as we clearly state the current copyright and we don't make a profit from it, i think it' legal to make a BG game.
2 - Coding/Modeling/Concept Art: We need talented programmers and artists that are willing to devote time and effort to the project, without expecting anything but glory and admiration by the BG community in return.
3 - We need a server and a forum, so we can upload files and discuss the development of the game. (i assume that this will be an international project)
4 - We need talented voice actors that speak proper English and at least semi-professional recording equipment to make a good rpg game's sound.
If we cover all that, a 3-4 year project will become a possibility

I myself can help out with concept art and imaging.. Modeling too maybe, but after a year or so. Writing as well, although my English isn't that developed. Also, we need someone who knows how a 2.5 D game is made, how all those sprites and things are connected in a BG like environment.