Yeah, the bandana is what kind of cinches it for me that Ren will die (if the story still follows the same beats as what was intended for VFRPG), and that it ends up becoming like Akira's signature headband, that he wears in remembrance. It would make sense that back when the game was Virtua Fighter RPG, that it was an 'origin' story of sorts for Akira.The last Shenmue game I did play in this year was Shen2 and I did think that exactly. I think that Iwao words about keep friends close is what will save Ryo in the end of the revenge that can consume him(and well, in all of his journey, he couldn't survive without the help of all of his friends).
Perhaps if Ryo would have worried more of his friends instead of revenge, Ren could be still alive. (If he dies, sure) That may be the reason that ignites more the revenge in him with the guilt feeling.
Now reading comments here, I even think that would be possible that if Shenhua have the phoenix power, she can revive Ren in the end. Or not, if Ren's bandana become Ryo/Akira bandhead.
Notice also that Ren has been known to say Akira's signature win quote - "Junin Haiyan Dayo" ('You're ten years to early') - again, when the game was VFRPG it might have been intended to be the origin of Akira saying this, perhaps mimicking his friend to honour his memory?