High level shader project

I am interested in writing a high level shader engine, something that extends the basic shader approach of the quake3 engine (multiple textures, panning/rotating, blending, vertex displacement). The quake3 stuff is limiting because it doesn’t separate the emissive and diffuse channels, so you can only do static lighting.
The UnrealEditor approach is my goal, but open sourced.
I like their graphical editor very much.

Questions:

  1. Is there already something like this?
  2. What might be useful?
  3. Anyone know of an open source block library (blocks, ports, connectors).

Might start with just a file format, leave the graphical editor for later.

Should I look at OGRE? Do they separate the various channels or is it more quake-like?

Thanks. Any input/discussion appreciated!

Did you look at Blender Compositing Nodes and Material Nodes ?

Great idea! I am especially interested in the node widgets, I will look into how they implement those.
I want to incorporate the end result with with a game engine.