The version you are reffering to was developing by fans ,here is more info
http://tokyopia.com/tk/archives/000108.php
the movies are likely maded in 3ds max but have the detail for a dreamcast. I dont know what happened to the project.
And these drawings are from the guy who is making the graphics in other fan sequel which is in early development right now,and we don't know how much time we need to complete the first playable demo but will post any shots
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