What might be more feasible would be a sprite-based remake of WC1 and WC2, using new high-resolution sprites but retaining the same gameplay. If I had any coding talent at all, I'd probably be doing something like that right now.
Whether or not it's a true part of the Wing Commander universe doesn't really matter that much to me. I thought it was an enjoyable game in its own right.
The combat in Starlancer had a similar feel, too.