You actually can get away with doing this kind of thing - but only if you're also writing in a language other than the one the original author used. You can get away with a lot more when you're doing a "translation" because it's literally impossible to simply leave everything as the original author wrote it.
Case in point: W.S. Kuniczak's "modern translation" of the Sienkiewicz Trilogy.
My first experience of Shakespeare was through French translations, which I really loved. Later, when I learned enough English, I tried to read the originals... it was a suffocating exercise in frustration.
It wasn't until I read Brush Up Your Shakespeare that I learned to appreciate the original language a little better.
You actually can get away with doing this kind of thing
Actually, that's what interested me in this exercise in the first place; that it's "sacrilegious" and likely to attract ire, a state of affairs that I find silly.
From EY's Facebook page, there were two posts that got me thinking about fiction and how to work it better and make it stronger:
I was wondering if we could apply this process to older fiction, Great Literature that is historically praised, and excellent by its own time's standards, but which, if published by a modern author, would seem substandard or inappropriate in one way or another.
Given our community's propensity for challenging sacred cows, and the unique tool-set available to us, I am sure we could take some great works of the past and turn them into awesome works of the present.
Of course, it doesn't have to be a laboratory where we rewrite the whole damn things. Just proprely-grounded suggestions on how to improve this or that work would be great.
P.S. This post is itself a work in progress, and will update and improve as comments come. It's been a long time since I've last posted on LW, so advice is quite welcome. Our work is never over.
EDIT: Well, I like that this thread has turned out so lively, but I've got finals to prepare for and I can't afford to keep participating in the discussion to my satisfaction. I'll be back in July, and apologize in advance for being such a poor OP. That said, cheers!