it could be a brain storming exercise to find out some new ideas about configurability of silicon platform. Once done you may use the service of ASIC people like Barry to try build a prototype. Areas to consider:
- implementing logic, most fpgas use LUTs
- soft/hard ip selection
- switching
- overall architecture, resource, clocking, io ...etc.
- power reduction problem, this is major factor against current FPGAs
- sim model, compiler
- programming method, jtag ...
Good luck