Yeah I thought also about such a program.
It's very easy to make a alt-coin, when you look FeatherCoin , CNC and all this *****Coins.
They changed 20 lines of code to set another amount of coins and an other IRC channel name.
The other changes were only to replace "litecoin" by their coin name.
20? try six. And they never update their repo with checkpoints as the blockchain grows (mostly because they don't know how), so they get 51%'d after a week.