Some folks are reportedly using Garry's Mod to create a Source II based first person co-op version of FTL. It's called "Final Frontier."
http://www.escapistmagazine.com/news/view/125581-FTL-Goes-First-Person-in-Final-Frontier
Apparently the basic game mechanics are largely unchanged. Your character still has to man stations, put out fires, heal ones self, and fight, in addition to the usual power-juggling and systems management. Systems still get a bonus when manned.
Each room has a pressure and temperature which must be maintained at safe levels, or the character will be damaged.
I assume that the various alien races will be represented. I further assume, since it looks like the models will be coming from the Valve grab-bag, that the Mantises will be some version of those goddamned sand fleas from Half Life II, which I dearly hated even when I controlled them. I suppose Engis might be able to be cobbled together from Vortigaunts, but I have no idea what they'll do for slugs, rockmen, and crystal entities.
What I don't see yet is a HUD of the entire ship and its status, which probably should be displayed as a map in the corner of the player's screen. Just a matter of personal taste, perhaps. Otherwise, I think this is a really, really cool implementation of an already very cool game.