Well, how do other systems like the Jaguar pull this off at a better framerate? Is it because it has a higher bandwidth, or...? This is more of asking if we can remake Supercross 3d on the Sega Saturn.
The Jaguar might do it because it has less data to handle in a more compressed format in a more unified memory access structure.
Heavily segmented memory [on the Saturn] has its advantages but speed definitely is not one of them.
Now, we wonder: How, on the Saturn, would we do this?
I imagine it would involve use of one of VDP2's rotating background layers and a lot of memory copies, possibly even compression, or culling of certain assets from the memory copy to a TGA / bitmap format that VDP2 understands.
In other words:
Stream frame-buffer of VDP1 to a work area where it can be processed to a bitmap format and re-pasted to VDP2 RBG0 area, line-by-line (line being a chunk of the stream).
You can then move, scale, and rotate this effective re-projection wherever you like in 3D space.
Problems:
1. Extraordinarily busy on DMAs, cannot happen in concurrence with music streams, file system access, or SCU DSP access.
2. Quite slow, I don't foresee it working beyond 10 FPS.
3. Effectively limits the scene complexity to what can fit into RBG0 data area [130KB?].