I disagree, wholeheartedly.
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.
I have to agree. The element of "what you don't see is what scares you the most" is a very important part of any horror media, not just games, and it can't really be replicated in 4k ultra High Definition. You'd probably need to change the whole artstyle to make it fit.
You know it deserves the GOTY.