CT Coliseum was the first complex hack of CT, and it's still arguably one of the best even now. However, more than a decade has passed since its last update, and there are some improvements that can be made to it.
I think it's a good idea to refurbish Coliseum, and it's should be relatively more feasible compared to bigger projects.
I have the following improvements in mind:
1. The map design of the region where the Coliseum is located can be improved to that it looks more "natural".
2. Currently, Crono's death is marked by a new item called Flag. If someone transfer a save file from OG game, the game wouldn't know that Crono is not supposed to be available at the moment. The Crono-check should be based on the game progression flag instead, as other parts of the game do. If possible, it's probably even better to change the player's team to Marle/Luca/Frog/Ayla when Crono is gone instead of temporarily disabling Coliseum since those 4 characters will be in your team for sure. (Robo will be gone during Fiona's quest, mind ya.)
3. The readme file mentions that the dream team ending is not available. I haven't tested, but what happens when you beat Lavos in those cases then? If Ending 3 is not restored, at least the player should be teleported back to where they were before facing Lavos.
These are the ones I can come up with so far. Maybe it's good to tweak the enemy pool a little as well. What are the exact list of enemies in Coliseum, anyway? The readme file mentions Zeal, yet the only (almost) full Coliseum playthrough I can find on Youtube shows that the 7th fight in hard mode involves 2 pink Nu's.
Edit: Oh, does anyone still has a copy of CyberSarkany's proof video? I don't know if it was ever publicly uploaded.
It's probably a good idea to try to contact JP & Cory for permission as well.