I feel like Morrowind was a "perfect storm" situation that can never happen again. A new version would be... less than good, I feel.

Now Daggerfall, on the other hand. There were many good things about it, but in sum, it was kind of a mess. I would love to see it reimagined with updated gameplay and a tightened up map. I would shrink it down to a Skyrim-like scale, but include a whole second underground map consisting of a massively overcomplicated labyrinth of tunnels and shafts connecting together a bunch of extraneous architecture representing fragments left over from thousands of years and multiple timelines of history. It wouldn't be designed to be navigable. The main quest wouldn't touch on it. It would just be there for maze-fiends like myself to get lost in.