The whole idea of Reb Israel Salanter makes a lot of sense but I think there can not be any kind of mass movement that gets to what he was thinking about.
I mean to say he was right to notice that the main idea of Torah--the main goal and direction of Torah is to come to fear of God and good character. And the best way to achieve both goals is by learning the classical mediaeval books written by the Rishonim that deal with these issues. To me it is clear he was 100% right about this. But today the emphasis has to be on home learning.
[The disciples of Reb Israel Salanter wrote some very great musar books like the Madragat Haadam.]