There is no need to "resurrect" Old Norse.
After all, there is Icelandic, which is about as close
as you can get. Also, Icelandic is continously
connected to Old Norse, nor is there any land to
be resettled. Therefore, I think your comparison
with Israel is beside the point.
Old Norse is just an older (historic) stage of
Icelandic. (and of the other Nordic languages
too, but they have changed more, because of the
influence of German)
A comparison between Shakespeare's English and
modern American would be much more to the point.