Nah, don't do it. Only reason to play DMC1 is to see how the genre started and how much it has progressed. The underwater level while somewhat inoffensive, still brings the games pace to screeching halt and only cements the fact that DMC1 was intended to be a resident evil game from the beginning. There was a plane and shump section near the end of the game, they were pretty bad. On top of all that the camera is the most atrocious piece of shit I've ever had to deal with. It fucks you over on mostly all the boss battles and even in normal combat. This combined with the fact that enemies can easily hit you off-screen and how much damage they do on any difficulty above normal. Makes for an extremely frustrating experience. The combat system is also very clunky and more puzzle based in a way; as in, once you know an enemies weakness it's super easy to kill them. Weapon switching is also very clunky(wouldn't be so bad if they threw some invincibility frames in there), the combo scoring doesn't work as you think it would, the combo variety in the game is severely limited, and the soft lock-on's main purpose is to fuck you over(especially with shadows).
While it's true that DMC1 is somewhat dated compared to later entries, it's still one of the quintessential of the "difficult but fair" action game styles, and there are certain things you mention here that I find a bit strange.
1) The fixed camera angles are not an impediment in battles because all enemy attacks that can potentially hit you off-screen are accompanied with distinct sound cues. Marionettes spin their shotguns before they open fire. Shadows let out a subtle "bubbling" sound before they spike you from afar. And you can hear a quiet "vrooom" just before Phantom lets loose with a fireball. A successful DMC1 player pays attention to both aural and visual tells in order to beat levels without taking damage, which is nothing unnatural in the DMC franchise.
That said, I completely get it if you find rigid camera angles in general a bother. It's no good to have your perspective changed on you in the heat of combat just because you were closing in on someone. This became less of a bother for me once I had the audio cues memorized, but I do prefer the free third-person camera of the later games.
2) Knowledge of an enemy weakness is one thing; the ability to capitalize on said knowledge is another. I find this criticism subjective because execution varies from player to player, and facing an advanced configuration of enemy types can vastly complicate a player's tactics - just like DMC3+4. It's possible that there are players who are able to pick up on the intricacies of DMC1 faster than others, but I wouldn't necessarily call this a flaw of the game, particularly since the number of enemies who can be defeated with critical hits are quite small compared to the total number of enemies in the game.
Also IIIRC, certain enemies have their weaknesses disabled on DMD. I believe the Shadows are one such foe.
3) The delayed weapon-switching is a non-factor. DMC3's weapons are meant to complement one another; for instance, Rebellion's lack of air control is made up with Cerberus, whose lack of a "Stinger" and rising launcher is offset by Rebellion. Meanwhile, DMC1's weapons can stand on their own; a player could conceivably beat the entire game exclusively with either Alastor or Ifrit (barring the Mundus fights, of course). DMC1 doesn't encourage high-speed swapping and stylish combos the way DMC3 does because a player doesn't need to do either in order to get S ranks.
4) I'm not sure what you mean by "soft-lock". Could you elaborate? My biggest problem with DMC1's lock-on system is that there's no way to switch targets, but other than that, it works just like the later games.