For the sake of clarity and before someone calls what Fender currently uses as "tort" on all of their U.S. models "photo" or "faux" one more time, the only photo tort used is on Squier models. The rest sport a multi-ply guard with a top layer of red/clear swirl over a white layer. This simulates the tort of old. It is not a photo, such as that seen on the Squiers and sadly, some other much more expensive basses made by other companies.
I don't think it would take much from a formulaic standpoint to get the current tort in the same aesthetic ballpark as the vintage stuff, but for Fender that means months of R&D and money and to be honest, I'm not sure you'd find many players outside the realm of gear nerd forums who are so dissatisfied with the current stuff to warrant that kind of change.