Well I just played through IWD2 again and quite enjoyed it. I also was thinking "gee, it would be great to play the original IWD1 series in this new engine!". It sounds like there was some interest in doing this here, is anyone still interested?
I know that there were many issues with IWG2. In one sense an IWD translation would be easier since IWD is much less complex from a dialog scripting point of view (and the whole game is linear in general), but I think the IWD1 series used an even older version of the engine so maybe more patching would have to be done. I'm not nearly enough of a modder to know, but in IWG2 I think Weimer had to make a lot of "translation" decisions when brining resources over from bg2 (like how to assign classes to monsters). A starting point might be to take a look at the IWG2 tp2 file and see what they did there. But I think a lot of hand work would be required (I was evening thinking that it would pay off to compare things that are the same in both games, but the whole thing could be impossible if big things like area objects are too different).