I'm working on a similar thing (http://getoptimage.com). While Guetzli is still visually better and a bit smaller in file size, it's terribly slow and requires a lot of memory. But it's a great experiment. So much knowledge has been put into it.
I believe using a full blown FFT and complex IQA metrics is too much. I have great results with custom quantization matrices, Mozjpeg trellis quantization, and a modification of PSNR-HVS-M, and there's still a lot of room for improvement.