I'll give a brief introduction to Unity for those who don't know about it:
Unity is a full 3d game engine developed to create a stable and cutting edge platform for game development. It's core features are the stunningly low costs (FREE for base version and 1500$ for pro), lack of engine royalties you can see in other platforms such as Unreal SDK, a massive and helpful community, an inbuilt community game resource shop and best of all, an incredibly fast and reliable resource handling and workflow system.
It's very easy to learn and has three inbuilt forms of cross-platform .NET-like scripting (MONO: JS, C# and a proprietary language).
This is why this "project" could be so great. Because batch-importing FF7 resources in Unity seems fairly easy and doing that would basically port FF7 on a top-of-the-line 3d engine, erasing all and any troubles related to dealing with outdated code, low res limitations or uncertain and buggy indie development tools.
Now, correct me if i am wrong, but one of the best merits of Meteor is giving people a chance to script their own scenes, is it not? I never used it, but from what i am told it uses the original FF7 scripting, which handles most of the core workings of the game.
OP, don't underestimate the difficulty of reproducing every single scene by using a different type of scripting. At the same time implementing FF7's scripting in Unity could be exceedingly long and/or difficult.
I was actually considering doing what you are proposing with FF8, as it would basically create a new engine for the game, making ANY sort of modification technically straightforward to accomplish. Nothing less than a revolution for these forums. The problem is indeed scripting and file types that aren't decoded or convertible into mainstream formats.
If someone is willing to give it a look and try getting the scripting to work with Unity, then we are probably looking at something promising here.