No, no, no, no, no.
Couple reasons. First, obligatory rules reference which doesn't really matter.
"Any re-released version of this game (official or unofficial) that has been modified to include the Spin Dash, or which creates a functional change to level layouts, is not allowed."
Second is that it's basically Sonic 1, albeit a lame-ass version at that. Classic is redundant? More like whole game amirite?
Third, and relating to the others, is that it essentially means there's 2 Sonic 1's, and considering some recent user quality there are people who will get confused between the two. And I hate stupid people.