Because I have nothing else better to do, I decided to dig up a list of what titles are in the game, and how they fare or will be faring over here in the states within the next year.
The official count is 27 series, 5 hidden (so I can't assess them). Of the remaining 22, 11 of those can be found in the states in some form, be it anime or manga (for the interested, those 11 are Dragonball Z, Naruto, One Piece, Kenshin, Yu Yu Hakusho, Yugioh, Shaman King, Hikaru no Go, Hunter X Hunter, Prince of Tennis and Eyeshield 21). 4 more will be released in the states in some form within the next year (Black Cat, Death Note, D.Gray-man and Bobobobo) . There's potential room for 2 more (Ichigo 100% and Gintama) depending on how things go. The other titles either look too old or niche to probably be noticed at this point.
Among the 17 possibles listed, 13 have been animated (plus one pending), and 7 of those are either on the air, have aired, or will air within the next year in the states. 15 either have or will have manga available within the next year (16 actually, if you want to count the japanese version of Ichigo 100%, which can be found at certain Borders).
Going off these numbers, I'd say there's enough name recognition to work with, given who this game is targeted at. If Naruto becomes the big television hit everyone expects it to this September, the dream matches of Kenshin, Luffy, Goku and Naruto alone would move copies off shelves.
License wise there should be nothing sticky to work out on the manga side, since one company owns all of the Jump titles (and that company is owned by the japanese company that owns all the Jump titles). The animated side could get problematic though. 4Kids, owners of the Shaman King, Yugioh and One Piece animes always license merchandise rights to their titles, and they may or may not play friendly with their two biggest competitors (Funimation, owners of YYH and DBZ, and Viz, owners of Naruto and all of the Jump manga licenses) over the small cash-in potential of one game. Especially if the revenue has to be split multiple ways.