Loadman, I'm very glad to hear that you're taking over Mala and will keep it alive. But I'm concerned that it may not be maintainable without releasing the source.
MaLa is a big, complex piece of software, and I'm not sure how much experience or time you have to commit, but typically software of this size either requires a dedicated expert or a community of talent.
The best way to maintain it is to follow the same process every other big open source project uses: put the source on sourceforge, make the code and instructions to build available to all, but restrict contributions to a team of trusted "experts" who can either submit directly, or may review and approve of submissions from untrusted sources. This model has all the benefits of opening the code to a world of potential contributors without introducing any risk of introducing bugs or losing control of the roadmap to untrusted sources.
And since MaLa is free, and the code is dedicated to the benefit of the community their should be no downside to releasing it to the public.
-Jason