Very impressive tech demo. And also the artwork (except for the "background" of the inventory) looks very nice.

On minute 1:05 when the shotgun is shot, it seems to me that only the metal facing to the gun is lit by the muzzle flash. Do you store these information in an additional texture?
EDIT: just reread your post. The lighting obviously comes from the underlying 3d models.

But more important I like the overall idea of a retro Resident Evil style game. It still catches the claustrophobic feeling of a zombie infested mansion best.