In case you haven't noticed it yet - someone did a Open Gaming License rewrite of the Blue Holmes Basic D&D set. That someone is Michael Thomas of Dreamscape Design. It's called Blueholme (wonder why?) Maybe it's not needed - but hey, it looks good.
It is sprinkled with old illustrations (by Ford and Lambdin), from fairy tales - a bit a la Rackham. Strangely enough this aids a bit in recreating the feel of the original Holmes edition. It's free - on DriveThru. Michael Thomas plans to have a full fledged expert set for sale later. Now... the only thing missing is some ole players from 1982 and a print-on-demand version :-) Have a look and see what you think.