At this time the Reasonator has specific functionality for people, organisms and places.there are many ways it can be improved. It can even become a layer on top of Wikidata with proper caching and all the works that make it perform for the world. Currently it runs on the toolserver..
The most important upgrade from my perspective is that it becomes easy to add missing labels for existing statements in any and all languages. Consider that only XX % of all the Wikidata items have a label in English.
I do like the idea of getting suggestions about what statements to add. However, it starts with identifying something for what it is. That is something we are not good at. At this stage over 50% of all our items have no statements and consequently for these items this approach will not work.
The most potent additions from a Reasonator point of view is adding visual things like signatures, flags, coat of arms, and COMMONS CATEGORIES. Particularly the Commons categories are powerful because they already provide you with search capabilities for images in "your" language. Yes, there will be a big Wikidata-Commons project but this functionality we already have.
So yes, the Reasonator code is GPL licensed. so go wild and do great things.