Very cool but this would've been likely a risky move. If you remember the 'SuperSega FPGA,' they got hit with a cease-and-desist for using their trademark that's got nothing to do with them.
Wasn't the man issue Sega had was "Super Sega" being a possible scam? Also, my POV, the damn thing was butt ugly! Not to mention, they were literally using the Sega name. I'm sure a clone Dreamcast NOT using the Dreamcast name would be fine.