Justin, I... I think I love you.
If you need any help with the writing, let me know. I write and edit for a living, and I'm told I'm pretty damn good at what I do. I'd love to contribute to a project like this in any way that I can.
Also, I think you should skip straight to doing a "remastered" version. I think things like X's shitty buster upgrade, which nobody likes are worth changing and ultimately would be something people would seek out and gladly wait on a more broadly sweeping version for.
I love the variable width font sample, and I would be totally geeked if that was a change you could work into the game. I always hated the appearance of dialogue in the first set of X games. The horizontal life bar looks pretty neat, but the game is designed with the presence of the lifebar where it is in mind and smartly does not use that space where it would be obstructive (particularly in boss rooms). If you could collapse the lifebar into less space and spit-shine it, horizontal or vertical (and do the same with the weapon gauge), that would be the best change for it, I think.
Also, here's a throw-it-in for you: since we know Zero survived the game and his death is a mere what-if scenario anyways, why not make it possible for X to die in his stead and let Zero collect an upgrade from HIM? Much like X gets away with the saber, Zero could collect a major buster upgrade from X.