I'm currently working on a project that does just that. The goal is to take texts transcribed at Gutenberg and compile them carefully against strict typography and quality guidelines. Master format is epub and texts are also carefully annotated with semantic tags. It's not quite Gitenberg in that our goal probably won't be to process every Gutenberg text, and the point is to also to process each ebook against an opinionated standard. The project's work is also released to the public domain.

I've got around 40 books done and I'm 90% ready to launch the project at standardebooks.org. Drop me a line if you're interested in learning more and maybe contributing. Contact info is at the site in my profile.