I had a wee go of the MD version super cool! Felt like I'd slipped into another dimension hearing those classic speccy tunes on the SEGA. Drake's masterful sprites and backgrounds look 'next' level colourized.
If you're planning any updates I have a few suggestions...
i'd maybe tweak the orange looking dudes on the dog level they look a bit off. The ground on the hooker stage will look better without the pattern on it. Would be cooler to load into the title/loading screen then fade into a white on black options screen. A few wee niggles but otherwise all top notch stuff!
Is it do-able to slow the game down? TR had top gfx and sound but it's the slow methodical gameplay is what made it legendary. It just doesn't click the same at the current rate. Try Golden Axe or Streets of Rage at 2x or even 1.5x it's a different experience. Most beat 'em ups bombard you with action, which has it's place, but TR's slow pace set it appart in a good way.
Lastly, the controls. It might work better with a button for jump-kick (+direction) and one for punch/attack. The back kick and 'punch fallen enemy' might be better following the speccy method.
So far this is the best new version of Target;Renegade I've had the pleasure of playing. it's more 'remaster' than 'remake' and I love that.
Best of luck and I look forward to trying out future versions. Cheers!