no... a game would have to sell REALLY, REALLY well to pay for a lawsuit like that. No game is worth that trouble.
I am pretty sure the source code would be useless, but thats not the point. Code is relatively easy to make, the hard part is getting good code, good design, and good artwork to come together gracefully.
And MoM is fun to play still, so making the same game but with updated graphics wouldn't be very compelling. A true successor to MoM needs to have improvements, innovations, and evolutions.