The from-scratch 'replacement' will be loose as possible to not trespass onto any lineness territories. No lines from popular or famous cult movies, no lizards, and the hero's similarities ends at the color of the blue pants. There will still be "chicks" however.
The art direction will be taken to a 1994-1995 level with overused untextured shiny CGI and fair amounts of pixel pushery. The audio will have a similar direction with memory efficient low Hz VOC format sounds, though the MIDI music will hopefully be less boring. Combining all this will recreate the 'charm' of the original game, without taking anything from the original game :)
Due to the license clash of the Build engine (non-commercial internet distribution only) vs. the D3D source (GNU GPL version 2), there will be no bundled releases of the data with any engine. It aims to be compatible with any port of the game - including the original DOS version.