Hell yeah I would totally play an Iron Chef video game. It would be a pretty hard game to develop, however, I think the potential for a great game is there.
I would base the game off of the Iron Chef America series, and have the original Iron Chef Japanese chefs be either hidden Iron Chefs, or a end of game surprise.
The game would have to be well researched by actual chefs, and get the Bobby Flay and all the chefs to help design menus, food available, and how to use ingredients.
Finally, Judges need to created from real judges, to game editors, to fictional people...all with a unique taste pallette so that you need to learn how to cook for the judges as well.
The best thing about this would be a Random battle generator that will allow you to pick up the game and play a quick battle.
Seriously, this could be a killer APP right here, because the game has huge possibilities and with the pace of the show it wouldn't be a slow game at all.