Hi Andrew,
I have worked on full validation on cbitcoin, though I decided to scrap it in favour of more primitive bitcoin functions only, because of the time and work involved in getting it fully functional and tested. cbitcoin however would give a set of tools to help with creating a fully validating node, and the CBNetworkCommunicator code goes some way to implementing a node (handshakes, pings, peer discovery etc.). For blockchain validation you could look at the old
CBValidator code, though I removed it. The library still has things such as address encoding, BIP0032 HD Wallets, message structures inc. serialisation, basic validation functions (merkle tree functions, proof of work stuff etc.), script creation/execution, and transaction creation/signing.
However to create an alt-coin from it would be an unnecessary difficulty in my opinion, though it could make an interesting project for sure, and cbitcoin may be useful in projects, though I can't guarantee that it's 100% correct and bug free. I am personally using the HD wallet code in another project with some modifications. I also use the example programs quite a lot:
https://github.com/MatthewLM/cbitcoin/tree/master/examplesRegards,
Matthew