While I definatly think this is cool and would be buying a ticket were this to ever happen; this is definaty something il only believe once I see.
There was a very similar story in Popular Mechanics 10 years ago that didn't amount to anything.
Not to metion that alot of the interior designs would be highly illegal today due to modern fire and safety codes. The grand staircase for example (probably the most iconic room on the ship) would be illegal due to all of the wood, and the fact that it is open 6 decks, allowing fires to spread quickly. The bow design and lack of lifeboats would also be a problem, as would the open bridge. The biggest problem would probably be the second and third class rooms, as most of them were essentially metal closets with nylon bunked cots and communal bathrooms; most likely illegal by today's standards and at the very least unlikely to attract many tourists.
If you have to completly change the exterior appearance and interior layout; then what is the point?