I'm on the fence about it. While I love lethal enforcers (I have the blue and pink guns for SNES), I don't know if it could be a straight-up shooter. It'd have have to be some kind of action/adventure with FPS elements to feel right to me. Then again, when you're playing with justifiers, action/adventure doesn't really work.
I'm sure it could be fun, but if this game were made I feel like it'd end probably up being a case of misapplied franchise syndrome.