It's certainly a bigger job than MI1. More characters, more animation, more locations, MUCH more music (and how to match the iMUSE used in the original would pose an interesting puzzle). Once saving grace could be that they still have the original handpainted backgrounds, so if they could be re-scanned at a higher res that would both look great and save work.
I'd love to see it as MI2 is my favourite in the series, but it's not an upgrade to be taken lightly.
Not that this has anything to do with Telltale, of course.