That's gonna be a massive endeavour for whoever decides to tackle such a project (regardless of whether or not they stay faithful to the original [ie: keeping the shota content or not])I wish someone would make a remake of this game.
Taking advantage of the fact that some people are reworking old games to have current gameplay and graphics.
Respecting the first one, of course.
With the scale of the project it would ultimately be a better idea to take the original core idea [H parody of Dragon Quest] and make a whole new game from scratch. Much more creative freedom that way.