Wishful thinking, I know. With all of the kerfuffle, piracy (boo!), and rights issues, I know it will never happen, at least in its original format.
Something similar could be incredible, if the controls are right. With game center and the power of the latest iDevices, it would work.
The closest I've seen so far is Air Wings. It's a blast, and quickly reminded me of when Avara came out. And seems righ up Ambrosia's alley. Or at least that old alley...
(drewe2000 on GameCenter, please look me up Avara foes and allies!)