Much as that would be awesome, it couldn't work, at least not in Europe and North America.
1. Impact regulations make such huge windows and low sills impossible. Changing them would ruin the line.
2. Nobody really buys 2-door saloons anymore. They either buy 4-door ones or straight coupes.
3. As you say, direct competition with Mini.
4. The FR layout is going out of vogue...simply not as safe for average Joe. They'd pretty much have to rejig the entire suspension too.
If thy did, expect more of a tribute than a copy. Think 1M for the E30 M3...
Love the idea though! Gonna start looking for 2002s now