Funnily enough, yes. :] I just actually got back to playing DF and am continuing with this.
The tileset is more or less complete by now. I have finished the elves, kobolds, most goblins, and most humans, though almost all of them are placeholders as the game doesn't really implement them fully yet. The main tileset is also complete, including new font (a width-adjusted
Dalelands font by Neale Davidson). It just needs a few tweaks. I still don't like my current walls that much and I also aim to work on the animal and creature sets.
This is still heavily based Phoebus' tileset (it's more accurate to think of it as a graphics replacer, as the underlying raws are still purely that of Phoebus). Graphics are also based on the past works of other tileset creators. Sphr, Jiripetru, Ironhand, etc. In addition to originals, I've retained some of the tiles, tweaked others, and completely remade others using the basic concept of the earlier tilesets.
Here's a lineup of a dorf, a kobold, a goblin, an elf, and a human, to show proportions and general design. Also a nekkid elf says hi.

Here are screenshots (warning! large images!) of my dinky little fortress (pardon the mess) using the tileset as it stands. Comments welcome:
- Main dining hall, offices, and working areas:
For reference, the stone in the walls and floors are marble, microcline, cobaltite, orthoclase, and mica. The furniture are mostly marble. Also that's a waterfall in front of my dining hall.

For comparison, here's the same location using Phoebus' tileset.

- Farms and workshops:
The trees are mostly pine, cedars, and wilows. Those are my farms built on sand caverns by the way.

The same location using Phoebus' tileset:

- Random cavern:
Fire clay, magnetite, some gem clusters, hematite, rock salt, limonite.

- Aboveground fort:
Note that the "O's" and what looks like black floors with something written on them are half-finished constructions of walls and floors respectively.

- World map:
- Embark map (fully zoomed out):
I'm currently adjusting colors and trying to learn how to edit the raws. Once those are done, I'll post a formal release of the tileset.