How I will take over (since we are not going to technically modify what's already there, which has been the only solution in the past thus it was done in cyanogen and the like for rooted devices), is to simply duplicate all the behavior that decides when to show the keyguard. My code will immediately hide the official keyguard again anytime it would be shown, then immediately invoke our clone instead! I imagine this has to be how flyscreen and Lock 2.0 have done it. Our clone will simply be an exact copy of the existing keyguard for the alpha.
This same code which takes control can also execute any lockbuddy functionality which introduces different ways to lock and unlock.
To reach beta, I will not be satisfied with it until I have the notification preview working for GTalk messages, which is the original inspiration for this idea. In essence the timeline will be functional in displaying any notification in order as they currently appear in the notification bar, just on the keyguard, and scrollable. I haven't noticed whether by default SMS displays message content, but I know that Gtalk does and the longer term goal for this tool is to display content from any message.
The 2nd beta release will have Shortcutter basic, which is the one in the illustration that lives at the bottom of the keyguard.
From there I will code the rest of lockbuddy and backlightwiz and think about going full release with the full messaging previewing.