Dude I totally respect your idea about Steampunk superheroes, but
in terms of another LOEG movie, no, just no, no, no, no, no.
Not every comic needs to be adapted into a movie, and this is
one that could be very reasonably given a pass.
LOEG as written by Moore is incredibly dark, violent and contains
a fair chunk of sexual material and what could only be construed
as horror.
Sure, so did 300 and Watchmen, but LOEG is several shades darker than either of those. In comparison I'd say 300 and Watchmen are pretty upbeat and cheerful compared to LOEG.
The Crow was dark and disturbing, but surprisingly tasteful, LOEG is deliberately garish. I think the " team of Superheroes in a Steam Punk"
was precisely what Moore was trying to create a particularly savage parody
of when he wrote the book - kind of Moore's critique on the whole Victorian
era and also the era of "science hero" storytelling.
As the stories progress they become both more esoteric and darker - sorry dude, I just don't think that's going to make for a good movie.
Some stuff that looks good on the page just doesn't translate to the screen,
which is why what we got when LOEG went up there was such a piece of unbearable **** (it made Batman and Robin look like Shakespeare).
As such, I think that Steampunk heroes definitely would work, so stick with that it's a good idea ! But not based on this source material.
Just IMO of course. Cheers.