I disagree, wholeheartedly.
The reason Silent Hill worked so well on PS1/PS2 was because the low resolution and fact most people were playing on CRT displays, added a lot to the atmosphere, and did an excellent job of allowing the player to fill in the gaps in surroundings and objects with their imagination where the consoles limitations meant that geometry was not accurate or simply a texture to represent it.
the undertaking requires to retain that feeling would be far more than the game is worth.
the switch from relatively analog CRT to digital LCD/LED plays a large part of why going back to pre-hd consoles, but on modern displays, feels so dramatically different to when you originally played them on the original consoles.
probably not as difficult as you are making it sound tbqh