If you want to make an OS based on Tinycore:
Do you have the skills?
You need to have long term commitment. If you just start, and give up after awhile, you have not achieved very much.
You really need a team. People trying to make a distro on their own, find they usually don't have the time as the years go by.
You need to have a distro which offers something which people will want. If it just does the same things as Tinycore, there is no reason for people to use it.
If you do have all those things, I see an opportunity for someone to create a distro based on the frugal installation concept from Tinycore, which turns rpm or deb files from distros such as Fedora or Debian into extensions like Tinycore. So you have a frugally installed Fedora or Debian. If you consider everything involved, there is a lot, and it is quite complex.
If you don't think that is the way to go, you could help Tinycore in other ways. What are your skills? What are you good at doing?