This is a bad idea. TrueCrypt should be put to bed for good. An event of this magnitude is easy justification for dropping TrueCrypt. It serves an extremely delicate purpose and this raises far too many red flags to ignore. Place your energy in the alternatives. I wish you could downvote things on HN, if only because this is downright dangerous and needs to be read by as few people as possible.
There is a $30,000 audit currently underway. There will be no security problems un-turned when they are through. That's assuming there are any to begin with (Personally, I think not). I see no issue picking up the codebase and running with it.
Audits aren't perfect.