I've dreamed of cloning Flash for a long time. Aiming for full compatibility is infeasible (unless you can convince the Ruffle folks to give it a go once they're done with Ruffle!), but aiming to capture the spirit of Flash (e.g. build Flash like authoring tools on top of TS/WebGL) is certainly doable.

The Wick editor was one such attempt, though it didn't gain traction and was abandoned.

Also there seem to be quite a lot of us who feel this way -- a dozen or more every time Flash is mentioned on HN -- maybe it's time we got organized? "Everybody talks about the weather but nobody ever does anything about it!"