The story is only one aspect of Shenmue. If you take away the interactive parts of I & II -- the exploration, the atmosphere -- what's left is merely serviceable. There's nothing that remarkable about the story alone.
Back on topic, I can't imagine the treasure being treasure alone. The Emperor and Empress having a hidden treasure makes sense, but it can't just be gold. If you look at the scroll, there's some kind of orb floating above the treasure with flames surrounding it:
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There's a small chance this could represent the mirrors, but I don't think so. It features none of the distinct mirror markings, like the jewel that's in the middle of both of them, and it appears to have a shine to it like an orb.
By the end it seems like the mirrors were held in the same place as the treasure, the cliff temple, but we don't know that for sure. All Elder Yeh says about the treasure is it's "hidden in those mountains", so I'm not convinced yet. However, if the mirrors were held in the same place as the treasure, this would make sense if it also required those with royal blood to access -- ancestors, or perhaps modern-day reincarnations of the Dragon and Phoenix?
Interesting, thanks for that... Yes to be fair that image does make the treasure seem to be more than literal... the Emperor/Empress link would suggest Shenhua being a Royal descendant when you consider that brief flashback during the Shenmue tree scene in S2. Maybe even Ryo himself is a descendant with the mystery hanging over his mother still (probably not though).
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