I totally understand your misgivings as a fellow developer. I seriously doubt it would ever turn into anything worth 'releasing'. And I certainly wouldn't do so without you being fully involved.
As for the purpose, programming is my hobby, as much as, if not more than playing DDO. I've done plenty of C++ work in the past and have found that I really enjoy C# as well. Converting C++ to C# provides for a lot of opportunities for increasing my knowledge of both.
Edit: Sheesh, that almost sounds like a resume.