is there a market?

Popular classical orchestras already have contracts and already pressed into vinyl -- definitely not the old vintage 50's way, but works for them in terms of monetary rewards. Not popular classical orchestras won't have large enough market no matter how good they are unless they join with world known solo maestros either pianist or violinist. You can also promote such into audiophile community via magazines and CES, but need lots of funds for advertisements.
With jazz it's a-bit simpler, but getting around with world known performers also not easy. 
 Let's say if you make 500 copies of certain band or orchestra with perfect analog recording the old vintage 50's way sold at $35 each, you won't profit.

Stereophile Magazine has been doing this the last 15 years...

Is it possible- yes, and there are some smallish labels that do this, but a market? I know you aren’t asking because it’s about making money, but you know what they say about how to make a small fortune in the record biz? (Start with a large one). The main issue is who will buy, and how you will distribute, I think. And, along the way, it costs some money. Not trying to discourage you. Go for it. Some of the stuff I like and that is really well recorded is very simple- Chris Whitley’s Dirt Floor was recorded on a two track in a barn, and Classic Records released it on vinyl. (It’s scarce because I don’t think it was a big seller for Classic and getting a new copy- some still exist- isn’t so easy. But, great record, and I can’t believe the production costs were very high).
And you are right. There are some absolutely superb musicians who would jump into your arms -- they need the money. In Austin, top tier musicians work for almost nothing- big names, too. (At least among other musicians). The plight of big orchestras these days, at least in the States, is pretty sad. There are union issues too, with orchestras. (Those can be dealt with). So, you have to be pretty committed, and spend some bread or better, someone else’s money. But, you are asking the right question, i think: Is there a market? And that question can only be answered by looking at how much you are prepared to lose, rather than how much you might make. If that makes any sense.