Even then the problem is that Sega owns the codes and the engine i'm not sure if they were willing to part with them just for someone else to do it as well as the fact that whoever licenses it are willing to pay Sega the privilege to use the engine and the codes IE extra money on top of using the IP and knowing today's world a percentage on top of the usual one. But time will tell on that one
What engine ? The Shenmue engine is old hat now and getting that to run on current consoles is not as easy as one thinks and no matter what people really say ; most gamers will no pay money for a Shenmue III game running on an engine that some 14 years old now . The Big trouble for Shenmue is its a series that never made money and where the sequel sold far less than the original, that's the major trouble for the game sadly and why SEGA never mind any other Studio wants to go near it
Shenmue III would be a much better game regardless of what they do to it. They could not screw it up. It would be impossible because everyone wants a real ending instead of a cliffhanger.
One can't say that really; Sure the script is done but then you have to have game design to make any Shenmue III interesting to play and the trouble is if SEGA did make a watered down Shenmue III - then people will bash SEGA to the high heavens . Shenmue III and IV (given there's some 10 chapters left to be told ) needs to be lavish productions and that team means a Huge Team and a huge budget to give gamers the Shenmue sequel they should get.
SEGA either should go all out for a sequel or not bother at all imo. I'm pretty sure AM#2 and the Yakzua Team working as one on Shenmue III could make a worthy sequel , but the question is does SEGA and the Teams want to spend all that time and effort on a game that's so far failed , rather than give a some new game a chance - Which is what happens with-in teams when they want their new concepts given the green light, rather than sold old IP that didn't sell well