It's worth noting the person working on this remake previously worked on an absolutely amazing Super Mario World hack called A Plumber For All Seasons:

https://www.smwcentral.net/?p=section&a=details&id=28856

And created enough resources for that game that they basically know the engine inside and out. They definitely have the knowledge to finish a remake like this, and it'll be interesting to see how it goes.

My one worry however is that remaking any sort of finished game as a fan project tends not to end too well. If there's one type of fan game that companies tend to shut down, its remakes, with ones that clone the original game 1:1 being the primary target (see the Link's Awakening DX PC port recently). So I'm also not sure how long this project will last.