It would probably be more valuable to make a client that can authenticate and enter a world first. From there you can just use placeholders as you develop your modelling pipeline. At that point you have the real beginnings of a functional client instead of a model viewer.
The work on the various file formats is excellent, but considering that eqemu is probably the most successful open source MMO, a client that doesn't have a bunch of non-free attachment or lawsuit risk would be incredible.
Asset creation is daunting but at the point you have a cube running around inside a box and can see and interact with other cubes, community involvement would probably take over. You could even borrow quite a bit from a place like opengameart.org. Asset creation is hard, but it's a process, and if I can model and rig a character in blender, anyone can.
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