one sentence to sum it all up...
IT WILL CAUSE CANNON CONFLICTIONS
the American storyline is a lot different than the Japanese version... heres why.
The Japanese version the details of the prior tragedy of James fate states he DID DIE, stated in a SF64 Japanese Manual translated with the help of Blink in the
Arwinglanding forums. Believing in a spiritual sense in Japanese culture and afterlife there may be a possibility of him coming back.
And in the American version they cut this prior tragedy to a clean MIA that no one knows of what happened to the famous James McCloud. Thus meaning a possibility of coming back.
Now try explaining which one is better if they screw it up and only choose one of those methods... the SF fans would go in an uproar, because Cannon facts would be more irritating than the enjoyment of the game. It was bad enough they had problems with defining Solar as either a star or planet, something like this compaired to that issue is a tip of the iceberg.
so in conclusion best of luck but seeing things go out its less likely unless they pull their act together and pray to god we get the same people who worked on the past Star Fox games (Arognaught Software, Q Games etc.)