I put up a modding page for Demigod:
http://www.equalstrue.com/demigod/
Added some links to related posts and a few simple modifications to the game.
Also created "New Helmets", "Uber Minions", "New Achievement Items" mods (not on the site yet), but cannot get the new icons to work with the mod manager (need some help here). For now I just reused existing icons.
I think it would be quite easy and cool to create a tool that random generates the lua files for the items from the item shop, each time with different mods. The hard thing would be the balance (I think closely related to accurate item cost).