I voted No. Surprised?
Totally different reasons than a lot of folk who are freaking out about this. I think it's a great idea to explore different gaming ideas, such as porting classic games into new engines and whatnot. Although, I do understand where the "freak out" factor might be coming from (X-Com Enforcer anyone?)
I voted No because I think FO1/FO2 would make bad shooters. Consider that one of the hallmarks of the Fallout franchise is being able to solve problems in multiple ways, including methods which don't involve any combat at all! Kinda puts a bummer on the whole shooter thing.
Also, shooters are, generally speaking, linear gameplay and narrative. You accomplish missions and goals in a very oredered fashion - take that hill, clear that bunker, etc. Pretty much the exact opposite of the fundamentals of Fallout design.
A big component in "shooter" gameplay is multi-player. Kinda at odds with the whole lonely, barren wasteland thing.
Finally shooters have a certain design slant - an us (or usually - the individual player) vs. them sort of thing. While the first two Fallout games did have "enemy" factions, ones that were clearly the prime antagonist of the game - a lot of the stuff you did in those games had nothing to do with those factions. In shooters, it's hard to get worked up over Side Quests when you end up battling with critters that aren't even a part of the main "bad guys".
I have difficulty imagining what the story arc for a FO1 or FO2 shooter would look like. The best I can come up with is really badly forced "chapters" with increasing enemy difficulties (rats -> raiders -> super-mutants -> deathclaws) that kinda borks all story telling, because it'd be difficult to tie the chapters together meaningfully.
So basically, not only are shooters poorly suited to Fallout design - but the stories in FO1/FO2 are poorly suited to shooter games.