They couldn't revive the payment system itself, That's probably the biggest problem of reviving Badge Arcade, HOWEVER they COULD revive the free plays that were distributed everyday.

Other than that, they couldn't use the original Nintendo badges because those are copyrighted

As Luiz said, a Pretendo run badge arcade won't have Nintendo's og badges. I imagine most or all badges will be free. I could see people who donate possibly getting access to exclusive badges, but I could also see all the badges being free to everyone.