I don't think the fourth game should be made by Itoi himself, they could have someone at Nintendo should do it with someone else who has the same energy as Itoi. I do remeber that Itoi did said that he's okay with someone making EarthBound 4 and he's okay willing to play it.
Also, didn't the Oddity team had to change the name of their game to Oddity, getting rid of EarthBound connections/making it's own game, and as well as changing some of the assets from the EarthBound series to newer creations to avoid getting into trouble with Nintendo since we know that Nintendo has been taking down any Fan Projects that uses their IPs and for legal reasons as well?