The lock on control scheme works great for games like Shock Troopers, where it's more of a run and gun, with some breathing room between you and enemies and a scrolling playfield. This game is an arena shooter, which has you confined to 4 walls at all times, with waves of enemies coming at you from all sides. I'm not sure that control scheme will work efficiently in this case, and not even the 6 button pad would feel natural to replicate the twinstick feel.
Having said that, the game looks good, with great art design, animation and thumping music. I will back it anyway, but it just seems like an odd choice of a genre in a system that is not built for this. I would have preferred this talented group tackle another type of game for the Genesis.