The H.P. Lovecraft Historical Society (NPLHS) are constructing a "complete 17th-century version of the fabled Necronomicon! Using a comprehensive set of custom-designed vintage fonts, artwork and text."
While the contest is related to writing passages, it'd be interesting to see (from a typographer's standpoint) whether their version would stand up to the rigorous scrutiny of the Typophiles.
Their goal is to make it a downloadable PDF that could be printed and bound (so I guess it'll be only so realistic). But they have some example woodcuts, decorative intitial caps, page decorations and some example PDF pages. They seem to be mining the real thing for their facsimile, but I'm sure they're slipping up a few times. The PDF is a good way to scrutinize.
If you're not familiar, here's some info on The Necronomicon from the man himself, H.P.