I first learned about it a few years ago when Retro Bit released a new physical version for the Super Nintendo. It was popular in Japan and released on the Super Famicom but never made it here for some reason and cartridges were selling for 200-400.
It’s a decent two-player brawler and after playing it a bit more it’s growing on me, but I wouldn’t say it’s an all time great. I do love this art style though and enjoy playing it partly just to enjoy the beautiful pixel art 
The same team did In The Hunt for IREM as well, and you can really see the similarities in the art style.
I’m glad you like the overlay design! This one took me quite a few hours to put together