I think no matter how it comes out, it will be received badly.
Too many things they will have to change to make new audiences be into it. One being updating the controls/voices. Shenmue wasn't perfect, it was a great experience at the time but now there are a ton of more varied open world games.
Though none of those do it like Shenmue. The other is where the story was heading. Rumors have it that magic was going to come into play, more evidence comes with Shenmue Online.
So now they planned on totally changing the world, which isn't bad if the 3rd game came out right after 2. But now that people have waited for over a decade for the third game, it will get a ton of complaints, like "THIS IS DBZ SHENMUE WTF SEGA" etc.