Shudder at the thought, but I doubt if you will ever come with anything that has been done before.
There is a mile of difference between interpreting a trad song an using it produce something else.
I have been smitten all my life by George Butterworth's exquisite 'Banks of Green Willow' and Vaughan Williams' transformation of the extremely violent 'Captain's Apprentice' into an equally exquisite Norfolk Rhapsody - but not even their best friends would describe them as "interpretations" (or even songs)
Jim Carroll