It's been tried before. The anime games that actually use the SF or KOF method of entry were much worse than these games.
However, since games like Powerstone and Smash Brothers came out. Capcom and Nintendo's little developer were able to create an enjoyable fighting engine style that doesn't quite take the precision that Capcom and SNK's brand of 2D engines require.
Now some of these independant doujin fighter creators are pretty darn good, and if they happen to land an official license, they would be creating the *great* anime fighting games, of the SF/KOF 2D style. As of right now, they're just busy unofficially putting certain anime characters together and applying *ripped-off* moves from Capcom, and SNK games.
Still, the Powerstone and Smash Brothers engines are quite successful, and they make *good* battle games, so fortunately anime-themed games have actually made an improvement by going that route.
The PS2 style of Naruto games are kind of the Smash Brothers/Powerstone hybrid. One piece, also does it that way (with the Gamecube one being very Powerstone-sided) Still, in presentation, the Naruto games have been pretty well done, and I'd give the presentation award a bit towards the late PS2 versions, particularly for the way you can hit someone out of an anime frame into another scene, and follow them there. The whole fighting in a manga thing was done quite well, in the later versions of the game.