If this was an enhanced remake, it could still work. Tighten up the graphics a little (not too much, but still more like a later 6th gen game than a first wave 6th gen game), ensure faster loading times, and really tighten up the controls.

The slow pace of the game would probably turn some people off though

 It might, but the overall feel of the game was pretty good. Having a job, getting to know some of the people in the town, and never really knowing when a cutscene might come up is good. The gameplay of Shenmue was too good to not be expanded upon and be ignored now.

Shenmue had the wow factor of great graphics when it was released and alot of new style gameplay, but both have been surpassed now. Will Shenmue still have the same impact as when we first played on the Dreamcast?

Why would anyone want a port of this game? You can buy a Dreamcast and a copy of Shenmue for less than the cost of what the Wii version would cost by itself. If they're going to go through the trouble of porting the damn game, just port both and finish the damn last chapters and release it as one $50 retail package. Anyone that was ever interested in Shenmue has either played it or doesn't give a crap about the series, otherwise they would have bought a Dreamcast by now and given it a spin.