Well, there was the Judas Gospel that got all that press a few years back. I don't think its possible to get a religion based soley around Judas, because, unlike a figure such as John the Baptist, Judas was not a figure in his own right. His story revolves completely around that of Jesus. It would be just as unlikely as if, say, Peter developed his own religion.
What you could have, however, is a Christian sect which views Judas as Christ's greatest disciple. This group would view Judas' betrayal of Jesus as being against his will, and stemming from Jesus' own demand that Judas do so (after all, without Judas, Jesus can not sacrifice himself). Such a group would, likely find itself grouped in with other gnostic sects. As to what docrinal differences this might lead to, I can not even begin to guess.