^Good points on the programming side of things, but coming up with all the artwork, 3d models, textures etc to make a complete 3D game per 1994/1995 standards still seems like it would take a very long time in and of itself. It seems that having multiple people work on the artwork would greatly speed up the process.
In past, I have bought several large texture packs, that are of resolution 1024x1024 (and up), and cover many different materials. I learnt few skills how to create textures in PaintShopPro from multiple layers, using various effects, blend maps and transition alpha maps, that were sufficient for roughly 2000-2005 era, so these skills are waaaay above what's realistically needed for jag, as jag barely manages simple lowres texturing, let alone resolution 1024x1024...
As for 3D meshes, I spent years working with 3dsmax (almost every week, on top of my coding), creating way over a hundred of mostly low-poly (as in, non-normal-mapped) meshes. Anything anorganic - from buildings, interiors, bridges, various props, trees, crates, you name it...
Never had patience for characters, though. That's an area I always left for artists.
Let's take Crash n Burn, for example. I counted about 10 textures (2 for road, lava, water, sand, 3xstone, skybox), which, by the way, look like they were taken from some texture library anyway (and just retouched). There could be more environments in later levels that require more textures, for sure. I noticed only 3 simple transitions between 2 materials on the road and environment.
Not sure how many different 3D cars are there. 8, I guess ? Now, you could spend polishing and retouching the single car mesh for a week. But a core, useable version of those low-poly cars can be absolutely done in half day. Spend first weekend experimenting with the art direction, playing with the style and then another weekend just quickly bashing them out.
I once employed a 3D artist, that whipped up a similar-quality version under an hour. It was fascinating watching him, as I never was a fast modeller myself.
As for the cars, since they're prerendered, you don't have to loose time fighting for those precious collapsed vertices, and can just literally take a hires cube and keep quickly extruding left&right. Same for texturing, the source texture can be as highres as needed, no need for timeconsuming UVW unwrap, just direct and quick paint with materials.
Would it look like AAA work ? Of course not. It's a programmer's art, after all!
But it would be good enough, and free, for sure.
Besides, who's talking about a full game with many levels and full art variety ? My goal was always about one level.
In short, you can absolutely create full 3D game of that era as a one man team. Won't win any "Best Art" awards, but it's entirely doable. Just need to pick a reasonable genre without 3D characters and with not a lot of complex graphics (like, Star Raiders, for example - simple space background and about a dozen of simple, untextured meshes).