Various people have gone there before.
The texture driven translation, wherein on takes a thousand screenshots, does a lot of editing and ends up with a patch way up in the gigabytes. Also you had better hope the branching story path you pick is the same one for a lot of them. Nope. Don't do it.
The tile tweaking upscaling mods. Nice tech, can be nice results. Do it to it.
Same for anybody that wants to spit text, audio and things to a lua output or something, or mute audio and play a nice modern video/audio track at an appropriate time.
Lua enhancements. Some good stuff there.
High definition retexturing for quality purposes. Fine.
High definition retexturing for general modification. If you can do it "in hardware" then try for that but generally fine.
The PS1-PS2 era commonly looks like arse, especially the N64. Time is not helping this. I can't play many of the games I enjoyed there now, however given back to me in something like the Rare replay thing I still have a good time. If you can give me a nice widescreen, usable framerate, high texture... game then please do.
In 16 bit and older (also GBA and many aspects of the DS*... that sort of thing is of limited utility for me, worse still the main examples we have for this in this realm are whatever horrors square enix deposited on steam and mobile. Not sure where the PS360 will end up for this, though it is holding up OK for me and it is now further on than when the N64 could still hang.
*there was a nice higher render resolution fork of desmume doing the rounds a while back ( https://gbatemp.net/threads/hi-resolution-ds-emulation.364549/
). I liked that.
If you can reasonably do your mod as a conventional ROM hack then I would like to see it done that way. Reasonably may vary between persons and should not be taken to mean technically possible -- I don't care that your MSU1 can play audio and video, if you want to fire a play file command out via lua then do it to it.
With all this said then on many occasions I have stated that I have absolutely no reverence for "the vision the game developer had", this would surely impact what I do. Though on the flip side all for RHDN to continue on its current course with regards to the sorts of things seen in N64, gamecube and whatnot circles.