Engineering moves on; it's a fact of life. To all intents and purposes this would be a brand new line, one that just happens to utilise a former route. If you need to build a new structure, it's got to be done to current engineering standards. Contractually, the designer must exercise 'reasonable skill and care' (aka follow up to date engineering standards) and all involved have a general duty of care. The desire to save money to improve the case for reopening the line would not be a very satisfactory defence argument when taken to court after some failure.
Also, doing a 'cheaper' enginnering solution for the route almost universally increases the ongoing cost of maintaining the route, reducing its long term economic viability of the route. For example sharper curves = more track wear = more frequent rerailing. So it's a false economy.