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I think this is an excellent idea, a worthy project, and I applaud you for putting some real thinking into practical steps!
My federated X wishlist had social media, reddit-like thing, instagram-like thing, and a youtube-like thing. A federated IMDB alternative would be awesome.
Just wanted to mention that, according to GNU, Bookwyrm is nonfree because of being licensed under ACSL. I don't know the implications of this license on forks.
To be honest, I do not care. It is important to have the right license, but the value of a software should not be conditioned by license bias. It is a matter that is not strictly and directly related.
Software comes first, license comes close, but still second to it.
I asked them if it's possible and they said yes if you modify the back end, but I don't think they have time to maintain two projects like this. :/
If you get yourself a Python developer which isn't that crazy you could do it though.
The question is whether the project should be forked into multiple separate projects at all. An alternative would be to have a generic "Directory Platform" and have modules to make it a Book Review platform, a Movie Database, or whatever-you-wanna-collect platform with another module. The modules would mostly be templates and data structures + user interface widgets to present them nicely.