Not really, that game is pretty crappy. The only reason to get it is for the novelty value of a party fighter with lots of Konami characters + Optimus Prime and Megatron.
I mostly played as Snake from MGS, his ability to place mines all over the stage was great. But yea it's more of a novelty game then anything.
There region coded but it sounds like you want to play US games on your gamecube,if so than install a region switch.
Re-released on the Wii as GT Pro Series, FYI I would've though they werent? http://www.gamespaper.com/reviews/GamecubeActionReplayandF.shtml