Unlike the nostalgia hordes who blindly blather no. I'd say it's a slippery slope. IF it was 100% undeviated from plot and dialogue? Sure. Despite people saying 'it would be guns pew pew' thats what Fallout and Fallout 2 were, you spend ALOT of time in combat, gee sure sounds 'guns pew pew' to me. My real issue is when a company remakes the game to graphically update it, they usually add or remove things that make the game less fun than the original, now, if they keep the plot, dialogue, add no new plot or stories, then yeah it could possibly work, a few whiners would be mad about their nostalgic 2D RPG superiority complex being ruined. But all in all, in theory it would work, but there are to many ifs and rules to do it properly.
But here's the thing, Fallout was built around turned based combat. Your character died alot easier and he was no different than the NPCs except in terms of gear. Also too, you did things in Fallout that would be intense in today's standard. You took on your first deathclaw at level 5 with only a hunting rifle and a 10mm SMG wearing metal armour in a typical run though. Also too speaking of I can think one reason why it wouldn't work:
You encounter: a pack of Deathclaws.
Here's another
You encounter: an Enclave Patrol
You encounter: a pack of fire geckos
You encounter: some Aliens
In Fallout 2 you had a bunch of really tough enemies slapped at you in random encounters that wouldn't work with Fallout 3 and NVs system.