Let him. As seems to be the shared sentiment over at GAF, it would be so much in the way of a win-win situation. Ninty stands to get a quality Star Fox release for the first time in over a decade, and Kamiya will get a game of his that likely will sell gangbusters for the first time since the days of RE2.
Plus, it's clear that Kamiya, After Burner fan boy that he is, more than has an adequate "knack" for this. Lord knows he's been trying to force-feed us his love for corridor shooters in his various gamers, often to the over-the-top degree that embodies his very games.
Besides, I'd love to see what he could do with Fox. After a decade's worth of furry melodrama married with poor game play, it'd be nice to put Fox back on the track of over-the-top, tongue-in-cheek humor that would directly speak to those of us who love the first two games. Or at least, certainly SF64.
Nintendo, if you don't do anything else to listen to fan suggestions in the next decade and some change...PLEASE. DO IT.