You may recall that the 'Star Giants' tech demo which Raylight created to convince Destination to grant them the Wing Commander rights was based on Wing Commander I:
https://www.wcnews.com/news/update/4004
The actual game was done as Prophecy for several reasons, but the most important one was that Destination's GBA publish deal with Electronic Arts covered all games developed in a certain time -- meaning Wing Commander Prophecy and not Wing Commander I.
There's some other issues, too. Including:
* The game was designed to show off Raylight's spectacular "Blue Roses" 3D engine. A Wing Commander I port wouldn't use it, and "3D on the GBA!" was seen as a big selling point.
* There are some rights issues regarding early Origin games. Specifically, 'work for hire' elements that were done by non-employees without any sort of formal contract. That's why The Fatman still has the rights to his Wing Commander music, for instance. When EA wanted to use classic Ultima music in Ultima X they had to go around tracking down people and paying them money for the rights Garriott didn't get in the late 80s.
Lets see... note that the original plan called for having the cutscenes be done with little 3D people in the 3D engine. I'm not sure at what stage that was dropped.
I traded e-mails with the guy who developed Wing Commander I for the Amiga some years back (it was done by one man!), and he said he'd love to develop WCI for the GBA and believed he could do it very quickly. So, lets all remember him when WC is cool again.