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Considering this is a relatively small game compared to all the other TES games (excluding Travels), then I suspect it would be relatively easy to completely remake this game in Morrowind's, Oblivion's, or Skyrim's engines, but I wouldn't know as I have no clue how to mod anything. But I am completely suprised nobody has done this so far.

[hint hint nudge nudge]

The only thing I've seen concerning a remake of Redguard is that someone in the Beyond Skyrim team has made a "template" for the island, but that's about it.

It's a similar engine too, as far as I remember. The assets are kinda useless though.

You could use the OpenMW engine (CLICK), but you might need to re-code it to accept the Redguard data files. (If you're gonna use those assets that is.)

It's small in regards to the amount of content, but the bigger issue would be mechanics. None of the main games would work as an action platformer, and none have a voiced player character. You could recreate the world fairly easily, but remaking the game would be pretty hard.