After browing the comments at Kotaku and some Wikipedia entries, I've concluded that A) the Konami code will be included in the XLA Contra, and B) the emulation will definitely be of the arcade version. All of my earlier comments stand. Plus it seems that the port keeps the original's vertical screen orientation. I'll wait for the Wii's Virtual Console edition, thank you very much.
Also, in Europe the game was called Probotector, which has got to rank in the top five made-up words I've ever heard.