Back in the day? ABSOLUTELY NOT IMO. The early console port scene ESPECIALLY with the TG16 is kinda notorious for having an extremely spotty track record and fucking up seemingly impossible to fuck up ports. If they couldn't manage to do Ninja Gaiden justice then I doubt they would've done this game much better either, but who knows considering the amazing ports the Gradius series got.
Nowadays though? I'd say absolutely so! People are always looking to do accurate seemingly impossible ports, and I feel this game getting a port to ANY 16-bit system is p much a given at this point!