Here's a video: https://invidio.us/watch?v=hAWxhRgXDKY&list=PLTYsLUSfI7z7xS0_WGWVsU2ifFZ3Vuj_5&index=2
Seeing it in motion tells a whole different story than those stills. If you just wanted the game play, something could be done similar to how Blue Lightning was done. Maybe some voxel terrain could be used instead of polygons and then do sprite scaling for the objects. The player's plane could be pre-rendered.