Well...How to say this...
Basically, I am a developer. Mainly in C++ and SQL, but then I do work with customer's front-end (the web part, which consists of Python and HTML/CSS/SQL and some HTML5 for mobile contents I guess) almost daily because there is no such specialised department in my company.
But SMF? I've no experience with it. Will it be workable? Yes. Will it be painful for doing so? Most likely. And how rewarding would it be? I personally think it's not even worth that much.
It's just, this site is based on the community. And the kind of community this website is based on is pretty much segregated nowadays. If you want random reviews by random people you can just read it in Steam or just go to Twitch.tv.
If you want to talk about specific releases (mainly if it's working or not), then many torrent sites comment section will fulfil it. And then, this is my personal experience, are we even downloading stuff as much as we used to? Many of us here are old enough to have a stable income and games are not as expensive (assuming you don't need to buy it ASAP) with promotions, bundles, charity-based or foreign activation keys. And then it's so convenient to get games nowadays with all the digital downloads...Please note that I am not talking that "it's a bad thing to torrent games" but more "it's not as big as before" where we would be waiting for the scene release (scene? Does that even exist properly? Most random P2P "groups" or nameless preloads+unlocker work well enough) and talk about it. Do we even have the topics we used be able to talk like before? I...don't know...
And being a mere developer I really cannot think of any silver bullet that is original enough that will not compete directly with other well-established sites. And then, even if there is SUCH idea...do we have anything in here that MUST be saved by migrating data? Reviews/first-looks are all outdated. The majority of recent posts are bickering, trolling and insults. And are post counts and registration date so important anyway?
So really, would it not make more sense just to let it die / kill it. Which would allow a lot more flexibility on the framework / skillset needed on the new site? After all, the forum-style community is rather outdated versus the recently more popular Wiki-style (or also the more general CMS-style). But of course, the issue of "what kind of unique content you planning to offer" is still there.
At the end, I cannot see the point of keeping the site alive for the sake of nostalgia. And funny thing, I always imagined there were a lot more web-designers than general programmers like me, so it makes me wonder if we got some here just lurking. After all, even my job is not web-design specialised I end up touching it more often than I like (especially, I hate JavaScript).