I'm very happy to see this. Seeing the subject title was an eureka-moment: of course! there should be a re-sprite mod made by proficient pixel artists!
I kind of like the original art and look, though. It's ugly, yes, but it looks like an earnest attempt by an actual human. The style is consistent and clean, and doesn't look completely modelled off other game art (unlike, say, Terraria).
Anyway, this project should give the game some extra mileage. I'll try it out at my nearest convenience!