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Given that they are trying to tweak the Abe games to add in acheivements, it's likely they're already performing the first three paragraphs of your post.
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If they actually rebuilt the game from source to add this I would be seriously shocked (and buy it instantly since if they built it with RTTI it makes decompiling it a lot easier)
But the biggest task would still be re-rendering all sprites/videos/everything to be higher resolution and make the game beable to use them. To do that they would have to come up with updated or new file formats and rewriting the psx emulation stuff.. so in other words almost a complete rewrite apart from the game logic!