That does sound good. It could have worked.

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Reeve talks BvS (or superman cameoing in a batman film) in this talk around the 23.30 mark onward

Idk how much you've heard about what would have happened in Superman Lives had it been made but as a huge Superman fan myself I'm glad that it never was. Between Burton and Jon Peters, they had enough horrible ideas in it that it was practically guaranteed to be at best a Showgirls style "So bad it's good" cult fave and at worst an instant Golden Raspberry award winner destined for the Mystery Science Theater treatment. As so so as Superman Returns was at least it wasn't the travesty that Superman Lives would have been.
"Be nice until it's time to NOT be nice."

thanks. I guess the other way would've been BF and B&R happen in 95/97 as happened (or maybe Burton does BF in 95 then no more batman movies) and then Burton does Superman Lives with Cage in summer 98(with Keaton Bat cameo) leading to a Dark Knight Returns inspired BvS (Cage v Keaton) in 2001, then JLA (2002)

I REALLY like the imagination and creativity you've put into this! I come up with similar "What if?" creative exercises myself and this one is pretty spot on!
That being said, a couple of constructive criticisms which are just my opinions mind you. None of us can definitively say what would or wouldn't have happened with a speculative scenario like this.
1)I really don't think that Tim Burton would have done a Batman versus Superman film after Batman Returns. The bottom line for the failure of BR was that Warner Brothers gave him the complete creative freedom which he lacked on the first successful film and with that mandatory freedom he gave us penguins walking with rockets strapped to their backs and the inevitable failure of BR. He had as bad a taste in his mouth for the franchise at that point as Warner Brothers no doubt had for his freaky deaky take on Batman which was a love/hate thing for them no doubt seeing as how they loved the grosses for the 89 Batman but hated Burton's difficult and avant garde style which seemed incapable of producing a studio hit without outside guidance whilst at the same time fighting such guidance tooth and nail.
2)While I can see why you'd assume that Danny Elfman would or should score a Tim Burton directed film featuring Michael Keaton as Batman, if Burton is removed from the equation the clear answer would be to get the best of the best and not for a collaboration: John Williams to score solo not only reprising his classic Superman themes but composing new ones as well for the Dark Knight.
3)In my opinion practically the only director who could have made this work at that time would have been Richard Donner himself. Whether he would have or not who knows? But IF he chose to he could have and would have done it successfully of that I have no doubt.
But great work on the creativity!
I appreciate others who think outside the box like I do!
"Be nice until it's time to NOT be nice."

Wonder how much would a Keaton/Reeve BvS have made in 1995?
im guessing 450m ww (Batman Forever made 335m and Bat89 had made 411m)
450m would be about 800m today

Sounds great; but I would have kept Jim Carrey in as The Riddler!

Cool BvS '95 poster available to buy!
https://www.madduckposters.com/blogs/news/113452741-dawning-of-justice-by-steve-kurth

A Christopher Reeve/Michael Keaton Superman and Batman crossover could have been so awesome. Frankly I'm stunned it has taken this long since Time Warner bought DC to even take the idea seriously.
http://www.freewebs.com/demonictoys/

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BvS (1985 after SIII)
Superman cast (Reeve, Kidder, Cooper, McClure, Hackman)
Batman/BW - James Brolin
Alfred - Alec guiness
Lucius Fox - Sidney Poiter
Cmsr Gordon - Charlton Heston
Thomas Wayne (flashback cameo)- Robert Redford
Mrs Wayne (flashback cameo)- Faye Dunaway
Bruce Waynes girl - Bo Derek
Joker - Postman Always Rings Twice Jack Nicolson
director Richard Donner or Lester

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then they could've done Batman Forever with Val Kilmer after (and it could've been a Batman Begins start again type deal as thered have been 3 Burton Batmans - Bat89, BR, BvS)