It could be doable, however it would need to be re imagined somewhat, similar to games like Baulder's Gate or dragon age, where you pick the locations from maps and then each one is a smaller region.
Instead of random chances for events, each event would be a physical item or enemy, perhaps with a random chance to appear at all and the 'empty' feeling of a world could be managed by making the regional maps varied and interesting. Good map design that gives an impression of a living, breathing, world can go a long way to keeping away the feeling of emptiness, even if the only purpose is to get the player from point A to point B.
The weird one would be the initial Explore option... for that it might honestly be best to have some transitional maps that exist around the map for the player's base or take the random encounters and add them to other maps as extra events.
Combat would have to be tweaked, either rewritten from the ground up code side to match CoC, or simply treated the same as RPGmaker with similar names and such being kept... at the very least the whole lust angle to combat would have to be implemented.
Lastly, and this is huge, you would need art assets... lots of them. To make this a truly worthwhile remake, you would need custom sprite work to represent the player (while a lot of options are available in the RPG Maker MV character maker, you'd need to add other options) along with full character sprite sheets: Walking, battle, etc, for the npcs that join you on a couple of outings and combat.
and at the very minimum you would need custom battle sprites for each and every monster you'd fight.
What would make the idea shine and work however, is the sex art... still panels for wins and losses, with the text from the original game showing up along with sound effects. There are hundreds of rather well put together RPGMaker H-Games that use similar techniques and it's very doable... but insanely asset heavy.
Which brings me to the elephant in the room... the Transformations.
To make this truly worthy as a remake, you would have to account for nearly every TF item in the game and have it be visually represented... you would need a full-fledged version of the character viewer, with all the growths, shrinkages, additions and weirdness that CoC has in it.
You can cheat a little with the character sprite, but you would need a screen to show your champion in all their warped and mutated glory.
This again, is doable, but resource intensive... and you would absolutely have to have upper limits of what you could represent with it. It's one thing to describe a swirling mass of mutated multispecies cocks backed by watermelon sized gonads, but to try and draw it... the physics of it make it difficult.
So yes, doing a proper CoC remake as an RPG maker title could and would be worth while if done correctly, but it would be insanely resource intensive to do it justice.