I'm not sure if I have time to take responsibility for that now. But let's start by discussing things anyway.
I think all of control, display, fixmath, graphics, and timer should be in it. I also would like to add audio. I might also want to add the mixer I wrote.
About graphics. I would personally like to see a version of the font functions and the tex_draw which takes magenta as a transparent color. That's quite common. But I assume the reason you made the font drawing functions that way was because of speed.
And also, I think one reason to keep this graphics.c is that the source to it is open.
Maybe the files could be put directly in lib, or in any folder there.
btw, I commited fsys_find* and a sample to use them.