A fools errand
So you want to replace a legacy code-base written in COBOL on mainframes. Lets us enumerate the problems.
1) You lost the specs for the code base long ago and have not updated the few specs you have as you changed the code base
2) You lost the test-base for the code base
3) Your code base uses other software ... databases ... coms ... that are not supported in Linux and not understood or used outside the mainframe world
4) All of the vendor support of its software moved to India
5) No sensible CS student would even want to take a class in COBOL and the other mainframe tools. Thus the non-sensible folks you hire to do the conversion are not top notch.
6} Mainframes are 100s of times faster than 20 years ago so speed and capacity is not an issue.
7) A code base that is 50 years old is likely almost bug free.
8) Don't rewrite what is slightly broke. Imagine all the bugs that have already been fixed.
9) Learn the lost art of system integration.
10) Government has the attention span of a gnat, so the is no realistic long term plan.
So you propose to rewrite the code base from scratch
A more realistic plan would be to stay on the mainframe and rewrite individual components and new components in a high level language.
Continue to run all code on on legacy systems until it all works, then and only then, move to your favorite platform. This ain't a HW issue.
Don''t replace a component unless it runs on a test system in parallel with the legacy code for two years yielding the exact same results.
Don't try to improve new code till it matched old code. The problem is not how much you are spending on HW.