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Not to mention that the development costs for this would be so high, the number of people who would be able to contribute would be so low, that the idea itself is idiotic on a practical level too.
The costs associated with this would mostly just be paying a handful of people to spend man hours reassigning textures. See, they already have high resolution art (If they don't, then that means they threw the original masters away which would be the stupidest thing any company could possibly do). So its not like they need to have an art team make new art. They already have the textures- They are reduced in quality to fit the requirements of the game. You always make something in the highest possible resolution and then you lower it down.
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See, Blizzard, being a business, used their research and development budget, which came from selling their products and services, to do what businesses do, and improve their product. They didn't act like a charity and ask people to donate money.
That's basically what I'm getting at. I'd liken SE doing a kickstarter for a graphic upgrade to Bank of America doing a kickstarter to launch a new no-fee checking account or Ford doing a kickstarter to introduce some new cosmetic improvement to their cars. Compared to the money you and me make, these corporations print money. They don't need more from us than what they're already taking. If they care about their product, they will do something to improve it on their own using the money we already pay them.