Meh, I took it and wasted some time making it better. :)
https://sourceforge.net/projects/tribes1ms/
Fixed:
Threading - Creating new thread every time there is a new packet wasn't good. Made thread pool instead.
Heartbeats - Heartbeats are the same packet as "add me" packets. Altered add_server to recognize this.
Added:
Ability to mirror other master servers.
MOTD is now changeable.
There are a few commands you can use now. (While the program is running. Going to add more later.)
Have fun with it. (Smilies are disabled D: ) I may release the source later.