This is actually what did come to mind. Also fighting a boxing dinosaur while an angel and devil fought for Kazuya's soul. With chest and eye beams. And Yoshimitsu to stun us with another acid trip induced techno samurai design.
This movie would have made profit if it was the Mane 3, going through a string of challengers individually, until all three of them finally confronted each other while leveling the Mishima Zaibatsu building and destroying the entire area through fisticuffs. Yeah its a dumb idea, but way more interesting than mister "i cant die and that makes me cool"'s plot