How Will it Run; How Does it Work?

These are just a few random questions pertaining to Skyblivion, but also referring to that old mod for Fallout: New Vegas, "A Requiem for the Capital Wasteland," or RFCW.

First, I'm wondering how the project is planned to work. Will it work similar to RFCW in the fact that you load Skyrim.esm, and then the whole Oblivion.esm using a converter, followed by the resources bsa, or will this be simply be a completely remade master file (from the ground up)?

Second, do you expect any performance drops, or will it be just another mod? I noticed RFCW destroyed my framerate, but if this is rebuilt from scratch, that shouldn't be an issue, right?