Well your dreams are half true they are making a older shard, but how pre uo:r is debated:
http://update.uo.com/design_526.html
As it states:
Quote:
At this time a new server will be under development. A server that will be similar to the 'Siege Perilous' ruleset. This server timeframe is being discussed and what era it will be based apon is what we are discussing. When the era is decided we will choose a certain select new and old updates to release on this server to what the public desires as this servers goal is to bring back the once hard core gamers and those who loved this game but left after certain updates.
Darkscribe
Producer - Ultima Online

Theres a ton more to read about it from the update page but thats the jist of it.