Drew DeVault recently wrote a simple but functional UNIX kernel in a new systems programming language named Hare in about a month, which suggests that doing something similar in Rust would be equally feasible. One or two motivated individuals could get something up which is semi-useful (runs on a common x86 PC, has a console, a filesystem, functional if not necessarily high-performance scheduling and enough of the POSIX API to compile userspace programs for), upon which, what remained would be a lot of finishing work (device drivers, networking, and such), though not all of it necessary for all users. Doing this and keeping the goal of making it a drop-in replacement for the Linux kernel (as in, you can have both and select the one you boot into in your GRUB menu; eventually the new one will do enough well enough to replace Linux) sounds entirely feasible, and a new kernel codebase, implemented in a more structured, safer language sounds like it could deliver a good value proposition over the incumbent.