I doubt that as it seems it's using a tweaked custom version of the engine, so it actually would need a fresh port.
...Also I guess it would need to be modified to work on Dreamcast (or any last gen hardware like xbox or psp). Maybe it's enough if they kick out some of the new visual effects. If that's not enough they could also reduce the sampling frequency of the sound effects / voices. Atm they're using 44khz stereo WAVs at 16bit - I figure 24khz mono at 8bit for voices / sound fx should do the job just fine without any noticable loss in sound quality and would only need about 1/6th of the RAM.