As for the Internet Archive itself, they recently set up their Internet Arcade: Turbo Edition [1], a collection of arcade games from the 90s and early 00s that cover the most demanding emulated games playable in the browser on the site (apart from Dottori-kun, of course).
Even then I don't see it working in practice due to the bandwidth and storage requirements.
Technical isn't usually a problem, as cracks and emulators already exist.
Legality is a problem in theory, but in practice it seems it is just ignored? Actually, what explanation does the Internet Archive have for any of this being legal?
Copyright sucks, and I applaud them for what they are doing, but I don't see how any of this is legal.
I guess it will happen eventually; I think the biggest concern with preserving games now is the amount of functionality provided server side that is lost (maybe forever) when the game company switches their servers off.
A great deal of online games of the Dreamcast era (so early 2000s) are being resurrected exactly through this method and people are enjoying them to this day: https://www.dreamcast-talk.com/forum/app.php/page/onlinegame...