This topic has, in fact, came up before (there is a topic called "To the future" by Red in the Future of Jazz forum about it) and the general idea is that, yes, it's quite possible. The problem would be that to distribute this mod would be illegal because it's just liscenced characters without the consent of the owners of the character liscence. This is quite possible, but legal issues would stop it from being given out unless it was given out illegally like the Jazz 3 demo was. It's still an interesting idea, though.