Although Metroid 64 was just a rumor and a very nice idea, i don't think Nintendo would've had the correct amount of time to create something like that on N64. However, we do get to see the possibilities with Samus in Super Smash Bros.
If it was possible, the best result could've been doing it in a "platform style".
Maybe they were afraid it wouldn't compare to Super Metroid.
Out of every Metroid, it really was, and still is one of the best in the franchise!