I've not been on here in a long while now - probably not since my last post in this thread back in 2010 - so to check back and find some news of this project was a nice surprise!
I'm really glad to hear this project isn't dead. If you would like me to continue testing and bug-reporting from where I left off last time, I'd be happy to help out again. = ) I'm employed in a full-time job now, so would have a bit less time for it than I did last time around; however, I'd be happy to put in the time when I can to make sure we catch as many bugs and instances of changed dialogue as possible. This project wasn't far off of being as complete and polished as the MI1 Talkie Edition project, and I'd love to help out again in taking it that extra step to completion.
Obviously I'd wait for a new version to be released before getting started, though - I'm pretty sure I reported everything I could find in the previous version, and if work on a new version is continuing again there's no point in me reporting things that might already have been fixed in the upcoming edition.
Will keep my eyes open for any updates in future. = )