Just be aware that the levels in this game is a little tricky and would need a decent scroll routine for it to be efficient.
https://vgmaps.com/Atlas/Arcade/Doub...ewYork199X.png
As you can see the height of the tilemap is around 768pixels. I pumped that map through ProMotion and it gave me a 16x16 tile set to the size of 220Kb in 32 colours, you could hold that in fast ram and do CPU copies.
For the playfield you could go for a size of 40x768x5 but that would be pretty wasteful as that would hit ~150Kb by screen buffer, when double buffering and possibly a third buffer is added you'd run out of chip ram. So again a key hurdle will be putting in an efficient memory vertical scrolling capabililty.
I haven't looked at the sprites, but I'd be willing to bet they'd notch up a decent amount of chip ram if they are done with interleaved blits. You'd probably have to compromise on the number of frames simply due to the memory size of the sprites or don't use interleaved blits, certainly doable at 25FPS (but not something that I would be happy with personally if I were doing it).
You mentioned using EHB mode, my advice is don't because it doesn't need to and you'd soak up too much DMA away from the Blitter.
The onscreen display you could handle with hardware sprites.
But even before you do that, get a good sprite driver going with some test sprites.... it is almost always the place to start when building an action game.
Geezer