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An early implementation of this is at 1f0d001 with more instructions in the help room at https://matrix.to/#/!VpacCXZFLTrQdwjtav:t2l.io/$15832122601775VokKO:t2l.io?via=t2l.io&via=matrix.org&via=t2bot.io
Please give it a go, and if it works in any sense then some work towards supporting IPFS datastores and more config options (so you're not chained to localhost) can be done. For now though, hopefully this is enough to at least try and understand how all this could work.
I saw this was also tagged in the most recent release (https://github.com/turt2live/matrix-media-repo/releases/tag/v1.1.0)! Exciting stuff. =]