It's only a matter of time where a good FF2/4 hack will be released... it's a step in the right direction.
Like a Pandora's Box calibre hack? or just a normal SMW-esque hack?
We're not really quite there yet... I don't think SMW is the right description/comparison. FF3/6 gets the most hacking attention (though I've yet to see a radical hack that changes the events like CT hacks can)... SMW has had a lot of different hacks done for it to begin with (much more than CT).
At this point, most battle mechanics and a fair amount of event data has been decyphered.. nothing radically new or concrete yet (but it's only a matter of time).
Their is the Shoujo-Ai patch, even if it's a bit harder to come by now (I remember grabbing that when it was first released on the forums at SA

, still got it too!), Its just some rewording, and sprite swaps, but I had fun playing it back when it came out.
What are you talking about? Please elaborate further.