Don't hold your breath. I'm a Tool fan and the Tool fanpages have been rife with rumor about this for a long time too.
My guess: Tapeworm is a side project that showed lots of initial promise and momentum, but for one reason or another progres slowed, and now seems to have stopped. Remember that all the musicians have other projects that are important to them; in the case of Maynard Keenan, he has two bands that split his time, and I'm sure he finds little time to do much else. Rather than bang out a 'superstar' project for filthy luchre that isn't worth a crap, Reznor and the others would rather sit on this material until such time as they can do it right. Who knows? This stuff might never see the light of day.