Yes, PJ planned to do a remake of King Kong back in 94 or 96 but then with Godzilla was out at that time and Universal thought it would be monster-overkill so they dropped the deal and PJ decided to concentrate on LOTR instead, but he always planned to come back to King Kong again some day.
I've read the entire screenplay he wrote for Universal back in the 1990's. It's fantastic, really funny, really fast moving comedy/action stuff. Very similar to the original at times....I hope he makes it cause if it's anything like the 1st draft version then it'll be an action classic to rival Indy.