I owned this game...and I have mixed feeling about it.
For its time it was a pretty interesting racer, and the characters/vehicles were fun.
However, the controls and "feel" of the racing was too loose, and I believe the game was too slow.
It was almost like Nintendo just wanted to get a polygon racer out for SNES to compete with what Sega was doing at the time...and It wasn't as polished as it should have been.
Should it be resurrected? It could be, but I don't see it becoming anything different or more special than any of the other racing games Nintendo could make.
They already have:
Wave Race: Water Racing
1080: Snow Boarding
F-Zero: Futuristic Racing
Mario Kart: Multiplayer Combat Racing
and Wii is introducing:
Excite Truck: Arcade style Racing.
Nintendo really doesn't need to use valuable resources to resurrect a game that couldn't be made using another already existing and more popular series.