I played VMK for a couple years of both (like original for a couple years, and then the newer for a couple years before they closed), and I can honestly say I don't remember much of the differences since it's been so long. I think this would be a really cool idea though. It would give some variety to the game and allow those who haven't played it yet to play the original.
However, I do think that maybe this idea should wait if it were to cause complications. I wouldn't want to see the release of Pirates put back even farther because they want to release both at the same time. So maybe they could release the newer first and then the older later on? Good idea though, I like it.