RedOctane probably has all the source code in their possession, as they've owned the Guitar Hero name from the get-go.
And if they don't, they already have the GH3 engine that helps. It's not that complicated at all. An easy way to do it would be to merely take the GH3 engine, remove GH3 images, graphics, and songs, and overlay on top the GH1/GH2 content instead.
Even if it were a completely new development, the game would sell outrageously, and it'd boost GH3 sales as well. There's no doubt that it's worth it; we just have to bring that to Activision's attention.
Besides, we've been seeing PS2 ports galore coming out for the Wii since launch. Why not release another one that people actually want?
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