I'm not sure, I'm torn.
On the one hand, I'd want to see it from a more current technological perspective, but I believe that part of what makes FF1 so fascinating is how simplistic the tale is and how the characters lack personality.
If they tried to bring it up to modern standards, I feel like they'd risk losing the spirit of it.
It would be fantastic if the game were to be remade. Despite the fact that they were the first games in the series and are regarded as classics, I and II are among my least favorite titles in the series (II at the bottom though). Even in the newer versions, it's still a dreadful grind to get through. In many aspects, it might benefit from an update.
It's a fantastic idea, in my opinion.
It would be a fantasy game with a really open world.
Due to its limited story, it would have an enormous amount of potential.
It could potentially be a new RPG game-play experiment.
There would be so many things to view that it would be insanely great.