No, it cant, The n64 was far more powerful. Though I wont argue they do often look much better.
Prime example is mario 64 ds. Looks much better on ds.
But its only a fraction of what the n64 game did and rendered, such as the trilinear filtering and even Marios model, as primitive as it looks takes far more polys than ds's better looking model.
They simply were better/ had more experience by the time the ds came out.
I highly suggest you do some research should you attempt to persue this, as you dont know where or why the n64 model has so many more polygons than the ds model, and will likely erroneously try to point out his hair or something where the ds game looks better, and i have model rips of both.
As for why valve hast tried anything like this? EVen if you wanted to they couldnt. They dont know how to. The days of future crew level talent is long gone. Devs are far too hard pressed, rushed, and under resourced by publishers making their code sloppy nowadays, and require gratuitious amounts of power to chug through their sloppy code.... singing the praises of raw power for gameplay innovation.... when it can basically run on a machine like the ds
Well, I was just under the impression that the DS is more powerful because I can't imagine many games on the DS looking like they do on the N64, but if the N64 is more powerful, fair enough. (I think it's mainly the screen size that makes DS games look good.
Because Valve has no interest in the handheld market.
Well they should.