I'm now working on a Texture Pack called the 'Old Timely Pack' which changes items to their old sprites, at least the ones I can get my hands on. So far I've completed everything from 1.0 to 1.0.2 and I'm working on 1.0.3
Since Re-Logic is done with Terraria after 1.4.4. I think they should go back to work on Terraria: Otherworld. If outsourcing was the issue, they could do it all themselves, or at least do the majority and fix what was messed up.
EDIT: With the amazing music and graphics in the game, I doubt anyone would complain