Doubt it. Itagaki is too anti-competitive to create a serious fighting game. I would just want a game with a combination of Hayashi/Shimbori's DOA and SEGA AM2. Basically a non-Namco 3D fighter that isn't developed based on Namco-isms such as No-Frame-Data...
Itagaki wouldn't be able to save DOA at all though. DOA is also too far ahead without him anyway.
Besides, even if Itagaki had the option to go back, that man stated he doesn't want to be involved with the series anymore as he considers DOA4 as his last game via FB. He probably finally got tired of it all and moved on.
And if he somehow got put into the table again, he'll sacrifice competitive intelligence for the sake of action-packed visuals or for some type of flash. Just keep that man for single player action hack-N-slash games, as an advisor, or to focus on it for his new studio but avoid DOA entirely.
Even without Itagaki, the DOA franchise had successful lifespan with DOA5/Ultimate/Last Round (5 Years) & DOAXVV (still going). DOA doesn't need Itagaki to save the franchise's downfall.
I've maintained the stance that Itagaki would be ace to handle DOA's story (would rather forget that DOAD, DOA5 & DOA6's story "happened"), along with production values, presentation and overall content. I would want him nowhere near the gameplay or mechanics. I also agree that I wouldn't mind another hack-n-slash game by him with a proper KT budget and not low budget trite like Devil's 3rd.
I 100% back you guys' statements on the gameplay, y'all know by now how much I don't agree with Itagaki's balancing mentality. We saw what happened with DOA4. Don't worry - I am not an Itagaki apologist. I'm meaning more on a more casual level - giving the game some clear vision and identity would suffice. When Itagaki was at it's helm we know how it was unrivaled. He knew what was up because it was his creation.