While I applaud you efforts, I just thought I would inform you that someone has already remade FF1. It's called Final Fantasy H.
Not as "faithfully" though.
Viewing post in Memeal Mantasy Wun comments
Thanks for the heads up. I hadn't heard of H before, and being a huge FF fan, I'm just disappointed I didn't! I'll see if I can get some time in the coming week to run through it.
Looking at the premise, it seems as if H and my project are actually different in more than a few ways. As you said ("faithfully"), I am interested in getting the formulas down to the number. Even the monster encounters, numbers (this won't ever be perfect because of engine limitations), and locations are as best as I can down to the same tile.
But, of course, those aren't the only differences. My other project is a good example of what to expect - dialog switching options, some Meme Mode exclusives. And, most importantly, MM-Wun is a stepping stone.
The main site that keeps FFH in down for some reason.
http://mirror.motherhamster.org/cp/castleparadox.com/search-gamelist.html
Here is a mirror to where you can nab the game. It's good fun.