It would be a cool idea, actually. Even just a Sailor Moon fighting game would suffice, as long as it had Sailor Jupiter - which, come to think of it, is unneccesary to even stipulate.
Personally, I'd like to see a Mortal Kombat done anime-style, as a means of returning the gesture for the godawful movie-based SF that used photographic environments. Also, a Hellsing fighter would be neat.
...Pretty much anything could be made into a fighting game, though, even if some conceits are better than others. A Bugs Bunny-style, item-based 3D fighter? Done. An animated fighter based on Star Trek? Done. A fighting game featuring all the world leaders during WWII? Done.