I feel that, by doing a shorter remake, it would be cheating the original story of a good bit of content. Part of the appeal to me was how well the interactions of the principal side characters were handled. Not a lot of games can pull that off and still keep the game primarily focused on the two MCs. The handling of F screwing the side girls while dealing with Dee was good too. To remake it with a focus on F and the side girls would put it in the ordinary category where so many others have the same theme.
Imo, a sequel is better for those interested in how the relationship carried forward as well as the "What happened to ( Georgina, Martin, Elena, Jennifer, Cassandra )" elements. It would be interesting to see, for instance, how the relationship between Dee & Gergina stands when D found out how Georgina wasn't truly her friend after all, setting her up with Martin for the purpose of having F for herself or how Dee & F got along if she were pregnant by Martin & carried the baby to term. How would F handle that? How would Martin? Would they Still be best friends? How would F handle being a father & grandfather at the same time? What city would they live in with their secret relationship? Are they living in fear of discovery? Truly, a sequel has so much more potential in storytelling than a remake.