The artist for the Legends series is involved
Some time ago, a Mega Man Legends 3 8-bit demake project was launched in honor of...well..you know. Assisting with the project are two the original artists and composers of the franchise, which should probably help put this on your radar.
It's been a while since we've seen some progress, but a new trailer has just been released with some gameplay, and it looks great! I see some homages to Toad Man's stage and Frienders, as well as some 8-bit Servbot love. I can't wait to play the final release in 2014.