Yep, this makes it very interesting. Tyson's acting skills are actually quite solid. I saw him on an episode of Law & Order SVU sometime back, and he's very natural in front of the cameras.
I don't know how even Donnie Yen as Ip Man will be convincing against Tyson as whatever character he'll play. I know...suspension of disbelief. But this is Mike Tyson. It will be impossible to separate his onscreen character with who we know him as. I suspect that the Ip family would've been very happy that Ip Man never had to 'cross hands' with a guy like him.