ScummVM, for example, made a lot of it's success by getting permission from the original developers of the games to reproduce the engines using the original sources, or partial sources.As Might and Magic is very much dead in terms of sales, it may be possible to actually get the help of the original programmers.
Not only do we get a completely portable Might and Magic experience, but we also have the chances of a freeware release and even the chance to fix a lot of the bugs in the games.
So if anyone knows how to get into contact with Jon Van Caneghem, do try to get his opinion on this and see if he is willing to open up the sources to some programmers. It's worth a try! And if not, we'll just have to adapt and learn the language.