Hi Arhag. I really appreciate the support and interest shown by everyone. I attempted to read up on the threshold signature method, but confess it looks complicated and beyond my current knowlege/ability to implement.
Although it offers a more limited form of decentralization, the delegated multi-sig approach would be feasible. It's worth noting that both ltc and doge support multi-sig, probably using the same Bitcoin core codebase, meaning they could be supported too.
That said, I don't think it's entirely trivial. For example, if each node has the ability to broadcast transactions to p2p, then they must be completely deterministic and identical in form. Also there would need to be Bitshares client-side support for multisig asset issuance/burning which I don't think exists yet.
I'm also considering, that If were to commit and ended up receiving delegate funding, it would curtail the time available to me to research / develop other projects that I feel could be useful. For example if it's necessary to go write some light blockchain parsers rather than http/rpc, then perhaps we should try to go for a genuine atomic cross-chain approach.