Also don't forget that we (and by we I mean origamiguy since he knows all things) don't fully understand many of the file formats, especially the geometry formats. There's also some fairly limited things in LR1, ranging from no proper skyboxes to AI paths independent of the track itself, meaning opponents can go through the track. Jamesster is right on all accounts; make a fan recreation, like the Open Rock Raider projects we have already. Then you can use whatever formats you want and make it super-easy and heavy metal to mod. Chyes. Maybe even TCP/IP multiplayer support.
I looked at your blog and I saw this:
If we're lucky, this might not be the case. It certainly isn't for LRR except in a few cases that the devs pointed out. But if it turns out that some things can be added, and from the files we've seen to far this might, just might be a possibility for maybe a few insignificant things that no one would be interested in changing anyways, then a remake would be preferable.