It's nice to know others have been thinking about this!
I've been thinking about it as well, but I really don't know where to start. I think I need to get an original lister, and one of each clone. Then decide what features I like, such as tapered roller bearings and counter-weighted crankshaft. Then design an engine based on "the best" of everything. Of course, everyone's idea of what is "the best" will vary. Make patterns, get them cast, and start machining.
Of course, if I had that many engines to look over, I might not be so interested in making them!
Then there is the EPA. It might be best to start out producing water cooled air compressors, that happen to look a lot like a lister. But to appeal to a broader market, we need to build a complete, certified system. Complete with guards around moving parts, proper labels, instruction manual, etc.
And then - there's the lawyers, liability insurance, etc.
In the mean time, I'm thinking about buying the spare parts kit from Central Main Diesel, welding up a junk iron crankcase, crankshaft, etc. Anybody got a spare connecting rod I can have? Probably go to the junk yard and pick up a couple of flywheels from a pickup diesel. They should be big enough and come with a ring gear for electric start. While I'm at it, get the timing belt, crank and cam gears, etc from a 4 cylinder gas engine. Put the cam overhead with roller cam followers and the timing belt on the outside. Junkaloid, anybody?
I need to retire so I'll have time to work on important stuff like this!