Even if Nojima wrote it -- and I trust him more than any other major developer associated with FFVII -- he would still have to work with Angeal and Genesis at this point, which means more LOVELESS and dreams and honor and vomit.
That last word is me vomiting, by the way, not including vomit in the list.
SE has blown their load on pre-FFVII oppprtunities at this point. As far as anyone knew before the Compilation rolled out, the Wutai War was the only significant event in the years immediately preceding the original game. It's what people expected first Before Crisis and then Crisis Core to focus on. Both all but ignored the topic while fashioning new conflicts out of thin air that were never even hinted at within the established mythos.
There's no room left to do anything but make people's eyes roll with an Earlier Crisis. Instead of laying the foundations for the original game, they would be laying the foundations for BC and CC -- and who the hell wants to see that?