It could easily be done, it would just need more work than a bump down in resolution.
Possible to do? Yes. Easily done? Not at all.
All of this completely ignore the difference in architecture, though, which affects performance and the entire graphics pipeline. Just looking at the raw numbers and approximating the benchmarks will NOT give you a clear idea, because it can never be 1:1.
But can give you a ballpark of what cuts may be needed to run it and if it wil be acceptable.
duduspace11 "Well, since we are estimating costs, Pokemon Red/Blue did cost Nintendo about $50m to make back in 1996"
Mr Puggsly: "Hehe, I said good profit. You said big profit. Frankly, not losing money is what I meant by good. Don't get hung up on semantics"
Azzanation: "PS5 wouldn't sold out at launch without scalpers."