Ehh you can decompile anything to assembly and a lot of Saturn games were made in assembly. It’s a lot of work but not impossible.
I'd suggest it is a mountainous task which is why Sega have not attempted it.
Now I'm only a mediocre Java developer by trade and I have never attempted the process, but yes, you can certainly decompile and get the assembly dump and mostly figure out what the program does from the object code, but it’s definately not easy. All function names have been lost, all comments have been lost and likely the program has been butchered by the optimiser to make it run faster. You have to read and interpret the assembly. You have no source code to help make the assembly dump clear. There will be no direct marker to help tell what line of the source the assembly came from.
And the Saturn hardware would need to be understood in order to decipher what the code was trying to do. Its basically 25 year old assembly likely written with workarounds to make obtuse hardware sing.
Modders would have a better chance at this project than a programmer at a major company - simply becuase of the high skill level required. Modders are also generally more motivated. Look at the modder who helped Rockstar fix the long loading times in GTA 5, after they couldn’t fix it themselves for years.
Rockstar Games has paid a modder $10,000 for identifying a way to make Grand Theft Auto Online load significantly faste…
www.gamesindustry.biz
A skilled programmers time is not cheap and I'd wager the cost of this project would be to prohibitive to green light. And that is only one game.