How about MK Revival...???
Just kidding, the project looks kickass (kickass is no justice to what it is really, I'm out of words). I believe you guys are not stopping after remaking MK1, so you should consider this far future in which you could just have MK1, MK2 and UMK3 redone, what would be the name for that? MK1 Legacy of Eternity, MK2 Fighters of Doom, UMK3 Last War of Heroes... I dont know, I believe just HD would do. It's elegant, short and if you're focusing in remaking the game with all the classic details and stuff, if the idea is to have the original game(s) with better graphics, maybe you should just keep the original name and add HD at the end, and maybe not even in the game itself... so the game is called MK(1?) HD but when you play it it will only say Mortal Kombat.
Having a different name, would imply an alteration of the original "Press Start" picture design, well... that's just my opinion.
Now I've been reading A LOT (I wasn't able to read all the pages tho), and saw you have a great team, a lot of people is working hard on this and it's awesome. I have a few questions/suggestions related to the project:
1) Is Sub-Zero going to move exactly like in MK1?: I mean, most of his basic moves are a copy of Scorpion's, so I was thinking maybe you would like to take some inspiration from MKM Sub-Zero which is the same character story-wise to change a little bit a few basic moves like roundhouse, air kick, stuff like that. This because the outfit is going to be the same, maybe they could get some more identity by not sharing so many basic moves, also if you choose to give Reptile some basic/special moves from MK2 it would add a little to the feeling of making things better, let's remember Reptile is nothing but an easter egg so it wont be a "betrayal of classic feeling" to give him some more personality in my opinion, and you can always use that material in MK2 HD if you choose to make that game after this one.
2) The two skeletons in Pit Button are exactly the same: I know it is like this in the original game, but since you're using 3D models you could just tweak a little the position of one of those skeletons to make them look different, I believe is not the same thing having mirror collums, or statues than having two fighters who have fallen into the spikes into the exact same position.
3) The monks who are in the background of The Courtyard: are exactly the same, I wonder if you're planning to animate them a little bit and / or make a few different face models to contribute to the realism of the scene. I think it would be a big deal, and very possitive.
4) The lack of turn around kick in MK1 makes the gameplay a little bit too old in my opinion: This is when you jump over your opponent and press kick, in MK1 they will not turn to kick the opponent and this is something too old for today's standarts, I mean, this game is going to look extremely awesome, I think maybe some gameplay features should be updated a little bit to ensure more balance and increase the level of fun you can have when playing. Let's remember MK1 is pretty old, we all love it but it could be an opportunity to deliver something cleaner and yet with the feeling of the original game, let's say... I believe some of the combos featured in this video are a problem to enjoy a remake of this game:
http://www.youtube.com/watch?v=2Bp4-_3DIPo because those gameplay bugs and infinites already exist in the original game, there is no need to re-make them, if you trully want to have fun with bugs and unbalanced gameplay you can just download the original game, so I think MK1HD should use the opportunity to deliver a better gameplay.
SSF2HD offer a revisited balance, it could be taken into consideration.