I’m tentatively interested, regardless of whether it’s an MMO version of Shandalar or a Magic-themed MMORPG, but I’m not sure it’s going to be executed well enough to make it worth playing in either case.
Part of the issue with a modern version of Shandalar is that Magic itself is a radically different game these days. The power level of noncreature spells is significantly lower overall in 2017 than it was back then, while the power level of creatures has gone way up (such that it actually, y’know, exists), and several major mechanics present in the PC game, like ante and mana burn (and cards that take advantage of the existence of those mechanics), haven’t existed in the real game for a long time. This doesn’t mean a game in the style of Shandalar is impossible, or even all that difficult, but by necessity, it’d have a completely different feel from the 1997 original, even before accounting for the transition from a single-player game to an MMO.
The issue with a more traditional MMORPG based on Magic is simply that the themes and mechanics of the card game might not translate well to a real-time RPG. In particular, the concept of each color of mana being capable of different things is difficult enough to balance in a PvP card game, let alone to try to translate into a class system for an RPG, and that’s not something you can really skirt around and still be able to call it a Magic game.