I think there's one key difference between the N64 Wave Race and this. And it's the product placement.
The N64 game got a revised version that changed the sponsor boards, and I believe that's the one that's on the N64 app?
I don't believe Blue Storm ever got a second version, and something tells me McDonald's would be a hell of a lot more expensive to get these days. That's the biggest hurdle.
Of course, if NERD go in and edit those to be more Nintendo focused, then it can happen, but that does mean more effort, for a very niche game.