I've always wanted to add mithril to the game, probably as a [DEEP] metal of some sort, but I really don't think it would work well.
The problem is that adamantine, as DF does it, shares the traditional properties of both mithril (very light and ductile) and adamantine (incredibly hard). Mithril, if it were added, would either have too much in common with adamantine or be different to the point that it wouldn't really feel like mithril any more.
My idea situation would be to keep adamantine's hardness and inflexibility, but increase its weight significantly until it's perhaps 50% heavier than steel. I'd also remove [ANY_USE] so it wouldn't be threaddable. Mithril, on the other hand, would be incredibly light, somewhat harder than steel (but not massively so), fairly flexible, and [ANY_USE].
The two materials would therefore have very distinct roles. Adamantine would still be the "King of Metals", incredibly effective for any weapon or armour but just too heavy for a novice to use effectively. Mithril, on the other hand, would be excellent for some things--swords, spears, chainmail--but serve poorly as a hammer or plate mail, due to its weight and flexibility. You could also weave it into clothes, of course, which is awesome.
Alas, that will never be. Toady has a very specific idea of how adamantine should work, and I'd feel like I was being disloyal to his vision if I changed it.
The amorphous metal idea is pretty cool, though.