Ahhh, good ol' Jedi Academy. Reminds me of my old Castlevania mod I was making for that game years ago...
Anyway, I personally think 2d could be great, but it would probably take more work. You'd need to edit all the maps to essentially cut out the foreground, though you could still use it for some nice effects in some areas (only seeing your character through windows, or a number of 2d shaders you could stick in there like fog, rain, etc. without having to render it everywhere. You'd have to change the camera system a bit though so it doesn't autocorrect for things blocking your field of view, as evident from your video.
You'd probably need new animations as well, possibly just for attacking, but probably also for the monsters. Naturally Jedi Academy's directional based attacks would need to be removed. You'd also need to remove the player being able to turn (they'd otherwise probably just be within a line of invisible forcefields put into the map so they can't get off "track"), and make it so instead of walking backwards you turn around and walk in the other direction.
All of that is very doable, but it takes effort and work. Not sure what kind of team you have. I know you could handle the mapping parts pretty easily, but the other stuff could be difficult if you don't have someone knowledgable/dedicated.
Oh, and if you plan to do single player, you'd need to mess with the AI of the npcs of course to fit the 2D plane.