CBS/Paramount will not do it due to cost.
I suggest ds9 fans using home computers do it instead.3 years ago a fan inspired project was launched in which all Jack Vance Novels were reprinted/re-mastered into Hardback using the internet as a coordination tool.This produced the Vance Integral Edition.
You can look up the Vance Integral Edition in google for inspiration.
Jack Vance is very good science fiction fantasy writer with well over 200 novels.He won the Hugo award.Some of you may be aware of this.
In the ds9 case the same methods can be used and with modern distributed computing the same principles can be used.
Some of you have already produced high quality cgi in relation to Star Trek as witnessed in youtube and google video.
These efforts can be focused into remastering DS9.
A small team of not more than 15 people can be assembled.Any more and it will not work as infighting and ego conspires to defeat the object of the exercise.
An Agenda can be agreed and then implemented episode by episode.
Perhaps CBS/Paramount can be involved in it too.
Sounds like what you are suggesting would be viewed by CBS/Paramount as a violation of the Trek IP, therefore they would shut it down with cease and desist legal letters as soon as someone started to try it.
So it being technically possible, presuming that your post is correct on the technical capabilities of such a project being doable, is a moot point. The idea would be swiftly crushed for legal reasons regardless.