My real concern is that AI in its current form is not great at context and continuity. I see it similarly as translating between languages: Google can do a decent job of directly translating a phrase, even adjusting grammar a bit, but it can't tell when it needs to explain or replace an idiom, or which details it definitely needs for symbolism and which can be safely disregarded, or detect when a word is being used in an archaic or unusual way.

So I think this would be a great project for a human with a keen understanding of literature to undertake, but honestly I think an AI paraphrasing without a large amount of editing would would give you a fairly bland and possibly confusing read.