I've been able to track down a small russian team that seems to be making progress recreating Freelancer in Unity Engine. Going to shoot them an email and see what exactly their plans are
A friend of mine did this exact same sort of thing with remaking Ultima 4 (I think it was 4) all within the Dungeon Siege engine. He ended up managing a team of a bunch of a few dozen people over 4-5 years... so it was no small project but it goes to show you what having a dedicated, hardworking, ringmaster can do for a mod project. It was finished, it released, got a bunch of attention from magazines, led to him getting to meet Richard Garriot (the Ultima creator) in person, in the end, got him his first pro job in the biz.
So yeah, it's doable. Just expect it to take a lot of work and time.
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http://the-starport.net/freelancer/forum/viewtopic.php?post_id=39709#forumpost39709
So yeah, it's doable. Just expect it to take a lot of work and time.