Can I make a suggestion?
Go look up Daggerfall Unity by a guy called Gav Clayton aka Interkarma.
In case anyone doesn't know:
Daggerfall Unity is fan project of porting the Original Elder Scrolls II: Daggerfall into the Unity engine so it can be played at high resolutions and can be easily modded. I believe what happens is you got to have the Original Daggerfall for the program to parse or I believe stream the assets into Daggerfall Unity.
I've played both versions and whilst the physics aren't the same such as jumping, Daggerfall Unity is a much better experiance AND you get around the cease and desist issues because technically you're not having any copyrighted assets, etc. in your program.
I'm wondering if someone with the know how can do the same for Metal Gear Solid and port it to the Unity Engine so you can put better textures, models, etc. I'm not sure if it's feasable, since Daggerfall is free to play and it's an entirely different game, but it's an idea.
Also have a look around on their forums, there are modders who trying to experiement with AI upscaling old FMV assets and in game sprites.
It should definitely be feasibly for this series as well, but it's also most likely an insane amount of work.