I don't think it'd work as a VE, since they'd have to convert the game to run on the SPIKE system, and why bother converting an old game that's not so great when they could just design a newer and better one?
Also they'd still have to renew the license, and maybe now they'd actually be able to license Michael J. Fox, in which case they'd want to re-do the artwork to account for that, but again instead of going through that trouble they could just design all-new artwork for an all-new BTTF game (which I think would be a great theme choice that my family and I would all love).