It's great to see people are keen for this  

I'd like to fix the privacy issues, and do a security review to check malicious peers couldn't exploit data parsing or validation issues to steal coins. It would be great if another pair of eyes could check the protocol for mistakes.

I've just written https://github.com/dustyneuron/bitprivacy/blob/master/DETAILS.md. It may be a bit too in-depth about the data layout, but it's certainly easier than looking at the code, and I can use it as a reference when I need to change things.