Check out those projects:
https://www.dfworkshop.net/
http://openmw.org/en/
Those projects are (from scratch) engine reimplementations for Daggerfall and Morrowind. Both projects are playable, allows modding etc. Those projects depends on original game data, so it requires less work (no need for remaking assets).
I hope some day someone will make something similar for MM6-8. This could allow many cool things like:
- support for any resolution
- support for new operating systems
- texture replacements
- models replacements
- modding
- etc
https://github.com/pjasicek/OpenMM8