While there is the issue of dealing with the nuts-and-bolts of the Wrenched map itself, the series itself was discontinued not because of technical difficulties per se, but because the format itself was flawed. Remember: Wrenched episodes essentially consisted of getting the host, the judges, and the guests all together for about a 3 hour block and praying for a minimum of disconnects, distractions, and issues from all ends. It's one of those things that's a lot more difficult than it sounds, and to top it off they were going through all this effort just for direwolf20 to find that the series make up some of the least viewed recent videos in his library.
In other words, a whole lot of time and effort for not a lot of benefit.
My suggestion: if you really want to run a competitive-builds "youtube game show" like Wrenched, just go and do it. Maybe you'll find that magic fix to the formula and it'll take off. Maybe it'll get 5 views. The other part of your proposal that I found off, though, was just "taking it over"; that sounds rather like "please feed me the Direarmy so I can have videos with a lot of views", whether that is or isn't your intention. I'm pretty sure if you took initiative and built a quality show, you'll get the attention sooner or later anyway. =)
My two cents.