Not GNU projects but relevant and different kernels / operating systems:
https://github.com/xomboverlord/xomb
http://www.returninfinity.com/baremetal.html
http://en.wikipedia.org/wiki/SeL4
I don't consider any of these to be a waste of time in the least; some move quicker than others but ultimately every one of these projects is advancing the state of the art and we may one day see the fruit of this difficult type of work (building kernels from scratch).