V2 is only possible really with the support of either Mongoose, SJG or FFE. You need a licencee to follow the campaign
Enoki's vision of version 2 would help if supported by a publisher, but it's not required. The community is not breaching any licenses if it creates adventures and such for a living campaign. It's just not going to be a canonising story arc.
A way I could see it working in the universal Traveller format is like this:
1) Work out the overall theme/story arc and the part each Traveller version will play out. MgT/CT may have the PC's on the Free Trader Beowulf, T20 the PC's are in the service of the IISS, GT the PC's are mercenaries, etc.
2) Write the introductory adventure for each Traveller version and define a set of end states.
eg.
State A: The PC's met all the adventure outcomes.
State B: The PC's only managed to do ???.
State C: The PC's saved ??? but failed to do ???.
State D: The PC's failed miserably or all died.
3) The GM of the adventure registers the sessions end state on a website which records and tally's all participating games.
4) Write the subsequent adventures for each Traveller version. Each adventure has a different hook or lead in depending on the previous adventures end state. Again at the end of the session the GM registers the games end state.
5) Rinse and repeat step 4 and move the respective Traveller's story arcs along. The organisers and writers will use the tallied end states to govern exactly how the stories move along and converge. Over time it could put the MgT PC's as adversaries to the GT crowd who are now working together with the T20 crowd.
eg. The IISS(T20) have contracted the Merc's(GT) to help deal with the Free Trader Beowulf (MgT) who is smuggling to an Interdicted system.
6) Wrap up the story which has evolved based on the participants actions.
To do something like this would be a big community undertaking and I don't know if enough people play Traveller to make it work or worthwhile, but it would be interesting.
Is it a breach of license to have a registration fee that would go to the organisers/writers to pay them for their time? Much like a convention will have a registration fee to play some games.