I don't think it'd be worthless. Improving the engine and making the game more secure in the actual program code as opposed to through add-ons like PURE, EUT, AnthChecker, and UTDC (to name a few) is a worthwhile endeavor. It'd also be great if UTPG could make a release that didn't destroy UnrealEd.
However, what I fear is the proposition that the new patched servers would be network incompatible with previous releases of the UT client. v436 is the norm for most players, and I'm sure most would be pretty hesitant about upgrading (especially given the problems with v440 and v451 that have caused most to revert back to v436 anyway...)