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I've been thinking of doing this for awhile now, not so much a hack, but more of a remix. A lot of art and gameplay tweaks.
Recolored pokemon to look more like Ken Sugimori's water color art. Maps remixed to more of a Red and Green style. Some art I've done:
Complete overhaul of the way statistics work. Base stats, damage calculating, attack stats, etc.
More challenge. Pokemon RBY is a beginner's RPG, I'd like to balance it towards something like a Dragon Quest game.
Elemental attacks can be used as healing attacks when used on your own pokemon, assuming the types match up.
New scenarios, new dialog.
More emphasis on in game trading. Every NPC can be traded with. Maybe some will require to do a quest for them in order to trade, or you must meet some requirement first.
And the biggest change I'd like to make is that pokemon don't evolve. I read somewhere that when the first games were being developed, evolution was an idea that came midway through making them. I think it would be interesting to do away with evolution, and deal with a smaller amount of pokemon. Less of a focus on catching them all.
Ready for saving the world