The turok 2 remaster is being made using data from the N64 game just like Dinosaur Hunter was.
Will the remaster feature multiplayer? Maybe, but the real question in everyone's mind is if the remaster will feature ONLINE multiplayer.
That's why I said not to keep your hopes up, Kaiser is a great developer but he isn't an Omnipotent wizard.
I won't lie and may be opinionated of me to say but: if that's what it takes to be a omnipotent wizard that may make Kaiser a mortal risin to a level of living divinity among man. The content being extracted from the n64 version is just that, content; things like 3D models, textures, sprites, sounds, ect. No code is being used from the original game unless looking at old code and using it visually as a model for creating a few aspects of e engine or game scripts, all done in variants of c and angelscript. Far fetch from the days of programming methods used when developing on the n64. Co-op is possible in kex T1 no one has done it though but lent and very.net can be hooked into Turoks kex engine inorder to add support for it being a web application with all the neat features that .net have to offer, a few creations would be a Turok mod download area assessable within the game for downloading additional addon content, or as said here: co-op and multiplayer support