Well, I'm semi-experienced in modding Bethesda's games. I've modded all of them to one extent or another since Morrowind. I was also a part of the (heavily failed) attempt at making a WoT total conversion for Oblivion. Anyway.
With a new Elder Scrolls game supposedly coming out next year (according to very old news, but I'd guess that it will come out in 2011 or early 2012), a sufficiently motivated group of individuals could make a total conversion Mistborn RPG based on the new game engine. It would be very hard work, but it's possible, if very unlikely, that it would be completed before the game engine became obsolete.
I think that the WoT conversion just got some magic, a complete heightmap of Randland, and a few minor cities finished. One problem may have been that everything was actual-scale, making the scope of the mod bigger than Oblivion itself.
![Tongue :P](/Smileys/default/tongue.gif)
With proper organization and limitations on such a project, I think that such a project could succeed. The biggest problem I see though, is trying to convert the fairly standard TES magic systems to one of Branderson's crazy-awesome and unique systems. I would personally have an initial goal of a single mission from the first book to see if it could be done at all before continuing development.
For those who don't know, total conversion merely means that the main file shipped with the game is not loaded, with the mod loaded in its place.
Yeah. Getting a game company to pick up the idea is probably more likely than such a mod ever happening, but that doesn't mean that I wouldn't support the project!
EDIT: All of this is, of course, assuming that the next Elder Scrolls game will not be an MMO, as has been rumoured.