I don't know why, but I always thought it would be cool to see a prequel to Star Fox 64 that showed the original team before Pigma's betrayal. Basically the same formula as Star Fox 64 only with added cutscenes to give more insight on the story.
I like that idea. The only thing I don't like about it is since it takes place in the past, we will be going slightly backward in technology. I don't know how much Arwing technology improved between James' and Fox's time, but since new games are about having new and improved mechanics, having James' Arwing be more souped up than Fox's would not make much sense, if you care about sense in a Nintendo game.