Productivity tooling is a very crowded space. And building you own issue tracker is the very height of yak-shaving. That being said, there's always room for new ideas. I don't need a new tool but I'm building one nonetheless because the solutions that exist now, IMHO, miss out on some really neat ideas. So my side project is more of an experiment, trying to tease out some new UX ideas, rather than a utility to aid in building other projects.
If you need to build some other thing, just use existing tools. Focus on the real work, not the "meta-work." If you think you can make headway into the crowded arena of existing solutions with some out-of-the-box idea, go for it. But don't mix up the two, cause you'll never get anything done... which is the opposite effect a Project Management tool should cause.
TL;DR I'm always looking for new tools. But don't get stuck yak shaving.