None better to ask this. One of the reasons why is being said that devs are trying to put UE3 on wii is because of ports, (assuming it is true) how easy/hard would be to port the art assets?
Well, for normal mapped characters you'd probably have to build a simplified lowres version and extract new normal maps, which in turn requires new textures. Perhaps you can simplify your existing nextgen model while preserving texture info, but it's not that easy.
Another issue could be mirroring normal maps but as Doom3 has managed to work around it, wii should be able to do so as well.
Simplified shaders could use the existing textures, maybe skipping a few channels when neccessary. A lot of the stuff in UE3 probably works with look-up table textures but those are for advanced HDR-based shading and lighting which you'd have to remove anyway.
Same goes for most of the objects in the scenery: trees, weapons, crates, and so on.
Levels are a different matter, though, as they also require visibility info, lighting maps and such, so they probably have to be either completely re-done, or heavily edited.
And I'm also not sure about animation, and how you could reduce number of bones per character. You'd probably have to redo all the skeletial rigging setup and write (or bug Epic to write) custom tools to convert animations.