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He might, you know for someone who knows and created games about war, pain, torture-mental and physical.
Hideo writes good storyline, touching and sad.
I would be surprise if Hideo did try to make a new silent hill as I would have never expected him to direct a silent hill game.
To me silent hill is about the dark side of the world with monsters and stuffs. To show the subconscious nature of a human being's mind and the many manifestations that brings symbolism to silent hill.
I would like to see Hideo create a silent hill game, it would be interesting.

Which 2 games of Metal Gear you found lacking? You mind elaborating a bit.??

We share a very similar opinion of SH games "Of course I'll buy it, beat it, and love it just like I have with past SH's!"

I watched a buddy of mine in high school play a couple of the MG games after school a couple times. They tell pretty amazing stories, so if Hideo did work on Silent Hill... I would gladly place money down that he will give us an outstanding silent hill experience.

Peace Walker and 2.
I hate Peace Walker. Sorry :/

I think Silent Hill could be very interesting from an open world perspective, but at the same time I think there's more to why Silent Hill is the way that it is for a reason. While it seems logical one should be able to scout out the best route (hell yea on the triple rhyme!), Silent Hill's atmosphere is almost more complimented by a system which forces the player to proceed. For example, consider the following situations:

Ex 1) You are walking down an alleyway when begin to hear loud white noise, perhaps the screen blurring a bit. Up ahead you see a large shadowy figure blocking your path. You begin to panic thinking there is no way out. Suddenly a window to your left looks breakable, you shatter the glass and climb through making a clean escape with no reason to fret after all.

Ex 2) You are walking down an alleyway when begin to hear loud white noise, perhaps the screen blurring a bit. Up ahead you see a large shadowy figure blocking your path. You begin to panic thinking there is no way out. You proceed to walk forward trying every door and window you pass, but none of them allow you entry. As you are drawing closer and closer the noises grow louder, the creature begins moving towards you, or perhaps shambling towards you. It is now within reach and screams a high, shrill noise that could curdle blood. Luckily, right as you think you're about to die a cutscene shows of the siren sounding and the creature disappears.

Just little things like that, I think, make the difference in Silent Hill's atmosphere. Another thing is, Silent Hill is almost a living being unto itself. The route it makes the player take is basically a pre-designed trial the town has conjured up for the character.

And one last thing to end this horribly disorganized ramble lol. Without a set path, think about how we never would have had the awesome build up to the long hallway scene with James, the different trials of Silent Hill 4, or any other good example.

Indeed sir, I think Hideo has an unbelievable release on his hands. I say it a lot about games but rarely ever do, but I might genuinely pay this game off on a pre-order.