Based on the style might be ok, but I don't know really cause I haven't even seen much more than a few screenies of the game. However SRB2 has several things that make remakes of newer game levels hard/impossible:
Limited 3d Model Support
256 Colors
Functions worked with sectors
Limited FoF Support (well compared to what the newer games have that is)
Limited Enemy Abilities
However all of these things are also what makes SRB2 in my humble opinion such a great game. Sprite-based environments have their own simple charm. They aren't extremely complex but they can still contribute to the gameplay and limited eye-candy. Especially for a platforming game, it gives more focus on the gameplay. Also, I tried making a sprite for Sonic using 'Millions of Colors' mode, and comparing it to other ones, it looked a little gritty and messy. 256 colors only really adds the important shades and keeps it simple. If you are going to have a sprite based environment then I personally think it is better to have only 256 colors.
As for the last one, sure we can soc the enemies to do more interesting things, but they still mainly just chase and shoot you. You will not be able to get the complex features of some of the later enemies without doing some coding or advanced soccing.