The best project to do next it's a Sega CD ODE without a Sega CD at all.
Because the Sega CD doesn't output anything regardless video (so no RGB drama here).
And i think it will be better to have a Custom Sega CD PCB to connect to the Megadrive by this way.
So any megadrive users (V1 and V2) (who doesn't have a Sega CD will be interrested).
By this way it will be plug and play (plug the PCB into EXT port of the Megadrive).
And no need to have a Sega CD at all (and no need to do a ODE for V1 Sega CD and V2 Sega CD like that !).
Just a PCB with a FPGA, a power supply port on the PCB (if the Megadrive doesn't power enough the PCB like the original Sega CD).
Use the SD Card slot with the original sega bios on the root of the SD Card and ISO folders.
The bios auto launch a Menu where we can select the game and we good to go.
I don't know if you can use the Megadrive cartridge port and a cable beetween the cartridge and the EXT port to have enough power to not use a external Power supply and use the EXT port at the same time. Maybe it's just impossible, just a proposition.
The Sega CD 32X games library is so small maybe it's not interesting to let the cartridge port empty (or you can support Megadrive games also)
And after this project a Gamecube ODE solution (the Megadrive (nothing to do with Sega, just the name) ODE for Gamecube is always out of stock so...)
All others consoles have already their solutions (like Saturn, Dreamcast, CPS2/CPS1 (Darksoft), PS2 (softmod), Xbox (softmod), Wii (softmod), etc...)
Nothing has been done on Sega CD. And will be a success in sales for sure like that