If 2K could guarantee us that they could have just droves and droves of accurate historic rosters and seasons at their disposal with entirely accurate arenas, jerseys, court art, player likenesses and accessories from a number of different eras, then I think I might possibly be all in.
However, I believe the chances of that being possible are very slim. I'd have to look at the details, but when 2K focused their football game on legends only (because they had to), I remember it being a hodgepodge of a lot of greats, a lot of okay players, and some generics. Even when 2K had no choice but to focus on former players, they likely could not do so as they pleased, unable to secure the rights of a lot of legends they were looking to sign, perhaps due to contract disputes with those individual players or just the inability to afford to include as many classic players as we all would have wanted (in a thorough fashion).
So yes, if 2K could somehow create a dream game full of all the historic stuff done to its absolute maximum potential, I think it'd sell well. However, I honestly don't think it's possible (though I guess it depends what you mean by "complete seasons". How many seasons?) Further, it's nearly a given that each team will have former players who either can't be signed or refuse to be signed. Would consumers want to drop $65 on a game that doesn't even have a single full accurate team roster? I imagine it didn't take quite as much convincing of Michael's Bull's teammate to sign on with 2K for the celebration of their greatness (and still, about 1/3 of their roster is missing). But are the primary contributors of the '88 Clippers going to be interested in having their 17 win season immortalized? And for how much money (I'm talking to you, Benoit Benjamin)?
Regarding the cover situation, I don't put Cal Ripken in the same cultural light as Barry Sanders and Wayne Gretzky. I'm not saying he's not as great, I'm just saying he never seemed to be quite as culturally relevant as those other two. I honestly don't think there'd be any sort of outrage stemming from a Gretzky or Sanders cover though. I think the masses would love it. I don't think it'd be entirely different from Desmond Howard being on the cover of NCAA Football 2006.
So when it comes down to it, knowing 2K's (and any video game company's) limitations in terms of what they'd be able to do with classic teams, and believing you may actually be in the minority (respectfully), I do not believe splitting classic and current would possibly be a good idea at this point. And when I refer to you as the minority, I'm referring to your near shunning of current NBA for only classic memories. I know you're not alone, but it is my feeling that while many people miss classic NBA, they are still quite interested in the current NBA. I know I am. I love the NBA now and I loved it then. To imagine having to pay $130 dollars to have the opportunity to use classic and current teams alike (and not even being able to pit them against one another if I so choose) would be a disaster for me as a consumer.
Again, maybe one day, things will change and it'll be suddenly a lot easier for video game companies to secure the rights of retired players, allowing them to add thousands of people as they see fit. However, I don't think that's possible at this point. Therefore, I think our situation now is just about perfect. $65 for a brand new NBA game featuring a strong retro appeal.