This is one of my all-time favorites! Would be awesome to see something like this come to fruition, but like many I am very concerned and skeptical of the end result should it ever be reached.
I think this is a case where to do so will require changes to the original game in more than just graphics and mechanics. Snatcher is at its heart a linear adventure game with "action" segments that were little more than timed-arcade-ish shoot-ups (which I considered the weakest aspect of the entire game).
I am interpreting the "open world model" to mean just a 3-d version of each area of the original game, as opposed to in the vein of GTA or TES. If indeed it is the latter, then the additional locales will need to have story threads that exist in addition to the original main plot line, simply because in the original even if a location was reachable during a given section it did not mean that there was content there. The locations existed more to help make more difficult the solution needed to advance the story by burying the answer in a greater number of permutations the gamer had to try to find the correct action/item manipulation sequence that would advance the story. This is characteristic of every adventure game I have ever played, and trying to translate this into a 3-d open GTA/TES-like world where one can go anywhere at any time is not going to go well without content being added to make those locations relevant.