Not really. How would such a "community project" be any different than the dozens of other entirely original projects already being created? As I said, it would be difficult to maintain community interest in such project, and it would just turn into a team-based effort rather quickly. I mean, to an extent this has already happen with the existing supposedly community projects.
Put it this way: KDIZD was started on August 21st, and is likely to be finished around the middle of November; that's less than 3 months. Now, imagine how long a brand new 9 level episode typically takes to make - more like a year! (and that's a somewhat optimistic estimate

).
Many people involved in the making of KDIZD ran out of time and/or interest in just the short amount of time it's been being worked on, so can you imagine trying to sutain a team over a significantly longer period of time? These community projects are meant as a diversion from the larger-scale projects, not to be large-scale projects in themselves.