I've already got some plans for Elemental. I am not looking to do a total conversion, just translate all the nations over as factions (Graphics permitting), and add some of the spells and magic items from dominions, as well as some of the magic sites and the indies (Minor Factions)
I am going to use the existing combat mechanics in Elemental and try to translate the units over as best as I can.
Depending on the difficulty, I would like to make the magic system more like dominions/mom (number of books = access to better spells, add nature, blood) and even add scales to set for each sovereign upon creation.
This is all speculation until beta 4 though

.