This is propably done a few times already, no?
Anyway, compile your definitive supergroup, out of active musicians, or well let's say they have to be alive. you get five slots to fill, can be less too if you're a fan of tight trios. Also, you don't have to stick to the basic drums-bass-guitar-voc thing, you can have any instruments you wish, also programming/samples etc.
I find this kind of fun and inspiring, thinking how it would really sound like. Also, it's great to ponder this if you can't get sleep.
i recently felt I would want to hear this:
1: Brian Chippendale of Lightning Bolt on drums.
2: Nate Newton of Converge on the bass, he can keep up with the first one.
3: Kevin Shields of My Bloody Valentine on guitar
4: Jonas Bjerre of Mew on vocals, oh it goes so well with Shields
5: Finally Dan Deacon would be there too, providing some mad arpeggios and sound effect stuff and some eerie chants.
It would be fast, beautiful and relentless! Or an inaudible disaster.