Just caught mention of this potential project on James Tauber's blog.

It sounds somewhat similar to a project that Logos is working on with the folks at Crossway, The ESV English-Greek Reverse Interlinear New Testament. I should note that William D. Mounce did a similar project with Zondervan, aligning the NIV with Greek behind the NIV NT.

If you were at the ETS conference in November, you might have picked up the sample copy of the ESV English-Greek Reverse Interlinear for Romans. Crossway passed out copies of this to everyone who wanted one at their Friday morning breakfast. (I was one of the guys passing out copies; you may have received your copy from me.) Logos was able to show an electronic version of the ESV English-Greek Reverse Interlinear during a demo at the same breakfast.