I would love for this to happen AS LONG AS no one steps on anyone's toes. If BL doesn't want his dub put into bootleg form, then we should respect his wishes. I am intrigued by the idea of doing a new dub for the purpose, though.
I would also love to see other games get a community pressing/translation. Random thought: Why not try Double Dragon 2? IIRC, most of, if not all of the in-game text is already in English, so mostly, we would just have to create and insert an English dub. (Correct me if my memory is wrong.)