Hopefully. Ai could add pixels and remaster old fmv cutscenes and spruce up pregrendered background. A lot of the old fmv cutscenes are rendered in very low resolution as the hardware at the time couldn't even play a full resolution video, yet alone render it. So you see sub 320x240 resolution videos stretched at low frames. (want to see really bad check out some of the old tg16-cd/sega cd games. 16bit consoles fmv look dreadful today).
As far as actual 3d models. That needs to stay the same but you can definitely upscale and apply anti alaising and texture filtering (things thr ps1 couldn't do but are done in emulators.)
I say not to mess with the 3d models as you don't want to loose the ps1 graphics charm. Mega man legends, Vagrant story, legacy of kain are iconic 3d games.
Now if you want to make a remasters version and redo everything awesome, just do it like tomb raider trilogy remastered where there is a toggle switch between original art and new.