Support ESM in CommonJS application context

Here are key fields from webpack and ts configs:

webpack:

module: {
    rules: [
      {
        test: /\.ts$/,
        use: "ts-loader",
        exclude: /node_modules/,
      },
    ],
output: {
    path: __dirname + "/dist",
    filename: "bundle.js",
    library: "bundle",
    libraryTarget: "umd",
    umdNamedDefine: true,
    clean: true,
  },

tsconfig:

{
  "compilerOptions": {
    "resolveJsonModule": true,
    "target": "es6",
    "moduleResolution": "node",
    "sourceMap": true,
    "declaration": true,
    "removeComments": false,
    "noImplicitAny": true,
    "esModuleInterop": true,
    "outDir": "dist/"
  },

The entire project has been written in CommonJs and Typescript; now requirement is to support ESM for this run-time file (script.mjs/script.js/script.cjs) :

node bundle.js  -f <script.mjs>

I tried keeping the context in CommonJS (without type:module in package.json) but couldn't figure out the webpack config that would support that (libraryTarget: "?").

I tried changing context to ESM too (type: module in package.json; fixing requires and default exports, file extensions on imports) but that resulted in spree of errors; final one being "missing selenium driver".

Did you mean to import "selenium-webdriver/proxy.js"?
    at finalizeResolution (node:internal/modules/esm/resolve:275:11)
    at moduleResolve (node:internal/modules/esm/resolve:860:10)
    at defaultResolve (node:internal/modules/esm/resolve:984:11)
    at ModuleLoader.defaultResolve (node:internal/modules/esm/loader:685:12)
    at #cachedDefaultResolve (node:internal/modules/esm/loader:634:25)
    at ModuleLoader.resolve (node:internal/modules/esm/loader:617:38)
    at ModuleLoader.getModuleJobForImport (node:internal/modules/esm/loader:273:38)
    at ModuleJob._link (node:internal/modules/esm/module_job:135:49) {
  code: 'ERR_MODULE_NOT_FOUND',
  url: '..../node_modules/selenium-webdriver/proxy'
}

Could someone please recommend what would be the best approach for this and in both approaches what should be the webpack and tsconfigs fields?