Things I would keep: data points flowing on wires, continuous time between 0 and +infinity, pick up and drop data points wherever you want
Things I might do: rewind, 3D, nested components
Things I'll probably ditch: everything else including metaprogramming, shipping some sort of runnable artifact that includes the editor, shutting off the rAF on idle, multiple renderers, modular architecture
I'd probably just make it a weird wrapper around normal-ass JS. Nodes would contain text, because that's easy. I'll just do it for fun and make it weird and useless.