Just don't ask and start doing. Then you will see the real scope of work. Be prepared for 2-4 years of work. Make it open source so if you drop it or pause for some time others who interested would continue the work.
For inspiration, I always cite projects like OpenTTD or OpenXCOM as an example.
OpenTTD was reverse engineered from 2003 to 2004 by single Swedish programmer
Ludvig Strigeus. Later, the project became very popular and expanded.
OpenXCOM was started at 2009 by one single programmer
SupSuper from Portugal and later picked up by many others. You can read this
little story and watch this
cute visualization of version control system.
Civ2 MGE/TOT is very simple Win32 application based on core Windows API with minimum external dependencies. So actually it should work on modern computers as long as Win32 will be supported. All technical problems running the game on modern systems are result of errors in code. It happens a lot in big projects. Also there are two main legacy dependencies: Indeo 4 for video and DirectPlay library import in XDaemon.dll. Both problems are easily solved.
So for me the best way to achieve 100% accuracy in reproduction is to decompile the whole game and work with this codebase. My investigation showed that civ2.exe was build using Visual C++ 4.xx. Without optimizations and with debug info. Sadly, without debug symbols, so you have to guess what variables are responsible for what stuff. Catfish's resources help here a lot! You could clean this code and port it to new Visual Studio version. Later may be porting some parts to SDL.
I already tried this total decompilation and with some variance it gave me about ~5000 procedures. About 10% didn't decompile at all because of stack pointer errors. After that I have to manually clean this results. Approximation is 10 procedures per day will give total 500 days. At this point I stopped.
I use IDA Pro disassembler with Hex-Rays decompiler. I am a self-taught amateur. May be with some more knowledge especially Python scripting to automate decompilation process it will be easier. But not now.
And yes, it all resembles walking in a minefield of law.
1) IDA Pro is payed version and it costs a lot of money witch I don't want to spend just for hobby projects. So I do use pirated version. Blame me for that.
2) Reverse engineering is always prohibited by developers in their agreements.
3) Using original art is automatically falls under copyright issues. Here you can just provide alternative art with option of using original from owned copy of the game like other similar projects do.