Well, yes and no.
I think the basic concept is sound, but I am not sure that the original time line will work any more for marketing reasons. I loved the original T2K game and setting, but a lot of that was based on the 1980s. One of the things that made T2K work was the very well thought out future history that was plausable because it was unpredictible enought to sell to anyone who knew enough history to understand that the one thing that is constant about the future is its unpredictibility (Poland fighting willingly for the Russians because of a greater fear of a reunited Germany; Italy switching sides, ect.).
If you want to market to people like me, then it works fine, but I am 38 and the Cold War is a big part of my memory. On the other hand, if you want to market to a younger demographic, you need a new back story. I'm now a 'non-traditional' grad student and the 20 somethings I take classes with and teach don't remember the cold war at all. To them the T2K future history would sound like bad fantasy fiction rather than a scary possable future.
I would build two options into the product. One would be the original background for those of us old enought to remember the tensions of the cold war and what it felt like to live with the possibility of a US/Soviet WWIII. The second would be an updated future history that catches the beleavable but somewhat nonlinear flavor of the original but with modern actors that the younger generation can relate to. The older time line is already supported by a large amount of high quality materials that are coming out in the reprints. Rather than updating that material, I would focus on building new adventures that capture the imagination of the younger gamers as well as us 'old grumblers'.
Just my thoughts,
Rob
P.S. As I mentioned in a previous post in the other thread, I am working on a new time line that (I hope) catches the flavor of the original, but with contemporary actors, so I would like to work on background stuff if your interested.