I'm not sure if the bump is a reaction to the thread in general or specifically to my attempt to revive the project, but as I was notified via e-mail I thought I should stop by to say that, disappointingly, I did not make significant progress with re-drawing the graphics. The foremost reason is that, well, life got in the way and I simply lost the free time to work on it that I had at the time of my previous posts here. This, together with the fact that I am not a professional graphics artist and so would have always lacked the skill to reproduce the more complex textures, and also that I could never get the scaling or transparency to work with HUD elements or power-ups, meant that my attention on the project drifted off.
I am genuinely sorry about this, at the time I really thought I might be able to do more. I think if this is to be done it really needs to be a joint effort between a few enthusiasts who have both the time and skills to reproduce all graphics and properly implement them in the game, as I think others have already mentioned.
I still have all of the graphics which I worked on, which I will attach momentarily. Please don't get too excited, there really isn't that many. Feel free to use or modify these; I hope someone(s) will be able to continue the project!
-- EDIT --
I have uploaded an archive of the graphics I completed, see here: https://www.rockraidersunited.com/files/dl-r304/. The directory structure and file names mimic that of the game's unpacked data files (which would have been helpful if I had done a large number of the textures). Note that some of these were never "final" versions; indeed in some of these I think you can see that this is pushing the limit of my graphics editing skill...
Again, feel free to modify/use/continue the project from here.