Hello frozenintime,
I don't consider myself to be knowledgeable enough about photography and/or audio to give a fundamental 'right' answer to your question, but I know something about both digital image processing and digital audio processing... so I'll give it a try.
In audio, the current state of technology makes it possible to capture the full range of audible frequencies with incredible detail (24-bit/96-kHz recording). High-end hardware imparts a (relative) very small 'fingerprint' on the recorded material: the result is extremely 'clean' source material. This material may not always be pleasing to our ears, so we process it with very advanced algorithms like concolution-reverbs, etc. This way it sounds much more like the great music halls or the abbey road studio: sound environments we have learned to appreciate. But strictly technically speaking, these algorithms deteriorate the pristine, clean charasteristics of the source material. Once the sound file is processed, it is almost impossible to revert it to a clean state.
Current potography is another story: today's commercial camera's and lenses are not able to capture the full spectrum of what the human eye can see, and most camera's use 12- or 14-bit recording which may result in 'banding' issues. (HDR-techniques try to overcome the range problem, but it differs enormously from the way our eyes deal with different light intensities). All camera-lens-sensor/film combinations impart a HUGE fingerprint on the source material: type of lens, sensor, etc. Trying to convert a 35mm image to the looks of a MF image, is trying to convert highly deteriorated source material to another state of deterioration. This could only be achieved by reverse engineering from the 35mm image to a 'clean' intermediate state. And as mentioned earlier: image detail has to be captured, it can not be calculated.
In the end there seems to be only one satisfying approach: don't try to mimic, try to make the most of it.
-- Martijn