Yes, had the 1995 line seen production, Road Pig would have become a Ninja. We don't know how this happened. But, it would have occurred. (It's likely that Road Pig's comic popularity lead to a new version of the character, even if his inclusion in a ninja subset made no sense.) His card art would have featured him wielding a huge sword. If you let the ninja angle go, though, you see that this Road Pig would not have been a terrible figure and fits with the previous look for the character.
Really, the only thing not to like about this figure would have been his weapons. But, the rest of the figure would fit perfectly with any Dreadnoks just like the 1988 and 1991 versions. He would have had Ninja Force type construction, though, with an action feature and a sealed back. So, that would have limited his use. If you're a customizer, though, you could make a good approximation of this figure. The chest and arms were used on the Mortal Combat Movie Edition Liu Kang figure. So, you could take an existing Road Pig head and use it with those parts to get a good enough version of this unproduced oddity.
There's actually lots of these figures out there. And, after November of 2021, there were even more. (You'll read about that on Thursday, June 30th, though!) So, this figure is attainable and doesn't tend to sell at the $2000 or so that dealers price him at. Sadly, though, most of the samples are in the hands of people who get more mileage out of the ownership than actually selling the figure. So, it may take a bit to find a price that's right for you.