True, but a big part of Shakespeare is the rhythm, and if you replace the words with newer words that disappears.

Not to say it will be a complete failure, but it does lose some of its poetry and power.

And smut. There's a lot of smut and double entendre in Shakespeare. An innocent modern word like "nothing" has multiple layers of meaning in Elizabethan English.

Modern audiences don't get it unless someone explains it to them.