You're writing the GUI from scratch (apart from relying on OpenGL)?
I'm pretty impressed by your fast progress, though considering you seem to be an experienced programmer, perhaps that's to be expected.
I can actually understand why you'd want to re-do the 'hacking' part of it, I also had a lot of fun doing it, while the actual programming part put me off (due to my inexperience with GUIs though). In that regard I'm actually glad that I don't have to do the latter part myself anymore, especially if you can offer something of decent quality as opposed to me.
(Being into algorithms, I can imagine writing a compressor fun as well; not having looked into it, from your description it sounds like Huffman compression?)
I think I can see both points:
Sure, building upon work of others will get you further, and faster to the destination as well.
But if you set your emphasis not on the destination, but the journey, with the final result only considered as a side product, I think reinventing the wheel is totally acceptable for oneself, and has the positive side effect of
really knowing your stuff.