For some reason I doubt the VFR1200 engine would be a great basis for a VF1000RR, as the engine castings and head probably are not suitable for a tiny race bike with lights. They would probably be better off starting with the RC213V engine and making it streetable.
But Honda certainly has the skill and money to build the bike if they wanted to. One thing I wonder is if they made it and it wasn't obviously superior to the RSV4 (for likely similar MSRP), the perception would be that Honda failed for the production machine.
I actually doubt the bike will happen, sportbikes are much more sophisticated these days than in 1988 (RC30) or 1994 (RC45). Today producing something super-exotic, super-high-performance and clearly above everything else is much more difficult. Even making a bike like this doesn't assure race track success. And the risk of that failure might keep Honda from taking chances like it used to.
1985 Honda VF1000R, 1990 Ducati 851, 2008 YZ450F