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Notes -
Are you aware of any serious attempts to do this? Seems an interesting project.
It depends what you count as first principles and Marxism; by the nature of such a project, it's debatable that whatever comes out the other end can really be called "Marxism".
The two closest, depending on how you view it, would probably be one of
Analytical Marxism, which attempted to drop the LTV and the Hegelian dialectic influences, among other things, in order to explain exploitation and class relations via analytic philosophy and the social sciences. Arguably some of Analytic Marxism made it into modern social democratic thought, although realistically it wasn't particuarly influential in and of itself.
Socialism with chinese characteristics, which took the opposite approach of nominally retaining the LTV, but in practice adding exceptions wide enough to drive a bus through, and considering the remaining contradictions as just another part of the dialectical process, dropping LTV for all practical purposes.
For example, SCC uses the idea that as value and material wealth are distinct concepts in Marxist thought, acknowledgement that capital and market signals are necessary for the creation of material wealth is not a strict violation of the LTV, while Three Represents attempted to broadly redefine "labor" as including "everything that capitalists do" in order to allow capitalists into the CCP.
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