I don't know how far reverse-engeneering goes on the PS1, but I can imagine to at least get back the polygons of the tracks, meaning there's a chance that at least tracks can be re-constructed based on their original code.
Nonetheless: I fully agree with those who doubt an 2097-HD. I simply cannot see it happen.
It's probably just like WO1 in the Store; simply a 1:1 port with wrong price tag.





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