I dont think it would have been that bad, if the right crew did the job. The Genesis was already doing decent ports of Neo stuff as it was when Takara was behind the work. Usually the only thing that really hampered the Takara ports was the altered gameplay due to ram limits. Samurai Showdown on Genesis already visually looked pretty nice. If they would have used more ram they could have retained the moves they cut out. Hell, ruined game play aside, even Art of Fighting and World Heroes on Genesis visually looked good. Sega just botched those two with poor programming. Super SF 2 and Saturday Night Slam Masters on Genesis looked pretty nice and played really well. Same with Power Instinct.
Granted, I dont think a Genesis port of Alpha 2 would have been mind blowing, but if they would have went with a large cart size, they could have done something decent probably. Better then the Snes port? Who knows. No one will ever know (until some morons in Hong Kong decide to port it over, first to Nes, then Game Gear, then Mega Drive, with guest stars Scorpion, Johnny Cage, half the cast of KOF 94, and Mickey Mouse from Castle of Illusion).