Oh hell yeah! I remember playing this back in my day at the arcade and wasted a bunch of coins just to finish off the entire stage without getting capped by the RED MARKED BULLET on the screen. Using pedal to aim from cover an all, oh yes!
Can't say the same about the PS2 experience since you can use a controller to play it by using R1 to Aim from cover and X to shoot. There is a Arcade gun controller for this along with Time Crisis 3, but it was so expensive and Rail Shooters for PS2 wasn't really a big deal to purchase it. Unless your a hardcore fan of course.
I do think it will be an easy port for Namco Bandai to make this, but that arcade experience is kinda long gone sadly.