Bloober being responsible for this would be an extremely bad fit unless they were only responsible for the technical development of the game and the actual direction, scenario + script were handled by someone else (for example, as unlikely as it would be, staff from the original). Even that wouldn't be ideal tho.
It would though be a continuation of Konami's tradition of handing off Silent Hill games to whatever obscure western developer they can find. I think if they keep the scope limited like the original and don't try to design real combat then it might be tolerable in the same sense that Shattered Memories and Origins are ie. not good, but they don't hurt to play like Downpour and Homecoming. There's no way they'll capture the nuance of the original without heavy involvement from, again, original staff members or similarly talented people.
Edit: interesting idea: what if they 1-to-1 copied the entire direction, level design, camera angles, combat, basically everything from the original but in their engine with obviously the graphical benefits of modern technology. I don't trust Bloober Team to make their own good game so it's the best thing I can envision them doing with this. I'd actually be interested in that, in how the atmosphere might be altered especially if the experience is seamless with no loading screens (the one change I'll permit since a large part of the atmosphere in the game is from making you believe you are in a cohesive world and not a set of levels) Edit 2: and add a remixed mode with different enemy placements. There, make that game please Blooby