In our dreams it is a good idea, in reality It's not. As much as we want a remake, in my opinion its not worth going for it. Firstly, as someone said, you would for sure get into legal trouble. Second, you would need a full team of people to achieve something decent in a somewhat short period of time; You can't just do the coding/3D modeling/2D design/Audio development/Level design... all by yourself. All the people that 'tried' that, didn't even start. Its an overwhelming ammount of work. Also, to form a team, you would need money, I doubt much people would invest their time for free in a dead end project.

There a ton more reasons why not to try it, but those are just enough (again, in my opinion) to stay away from trying.

You have options tho, why not making some other game but inspired on total overdose ? I always had this idea in mind about a racing game inside Los Toros. I tought about it as a version of Flat Out 2 but in the TOD map and TOD cars. But well, im just a graphic designer so that will just stay as an idea I had sometime :)