Azdul
Magister
A lot of work in current RPGs is spent on the things that are not necessary for modern Daggerfall - manually designed locations, scripted scenes, voice acting, custom animations, lip-syncing, pre-baked lightning, complicated manually scripted quests.It's pretty much guaranteed that they are accustomed to a standard of living that makes this kind of project very unlikely to work out as we would want it to.
Things that are actually important for Daggerfall are easier than they were in 1996 - huge world without loading screens, realistic lightning and weather, realistic physics, procedurally generated scenery, AI that does not act stupid, keeping track of thousands of objects and NPCs with hundreds of skills.
If they will try to make traditional RPG they will fail.
But if they concentrate on things that made Daggerfall unique - randomly generated 3D roguelike that falls back on walls of text to tell deeper story or present more complicated situations - they may succeed.