IDK. Dana has too many hard ons for so many of those old school guys. Don't know how they'd get the licensing rights for Ken, Frank, Pat and those guys, unless the videogame company works directly with the fighter, as they had to do with the WWE game for a guy like Hogan.
It's possible. I'm not sure how the licensing rights work, but EA, who is making the next game, has already used Ken, Frank, Pat, Randy, Bas, and even Fedor in a previous game. So potentially they already have the rights to use their likeness in a game.