Look, I know that it wouldn't have, but I can't help but feel that there would have been much more talk than their surely was back then. Apparently Drew Barrymore was hyped for best supporting actress (deservedly so), but as a girl who gets brutally murdered after eleven and a half minutes of screentime she was never going to get nominated. But, yeah, in this day and age of hipster cool that Scream effortlessly encapsulated 11 years ago (before it's time, folks!) would probably not have looked so foolish appearing on critics lists. It could even become the critics choice! The kind that they really have to get behind for the Academy to take notice, but then act all unsurprised when it gets beaten by the screenplay for something like Shine (which was nominated in the same year Scream was eligible). Yawn.
I mean, Kevin Williamson's script was very critically acclaimed (and caused a big fuss with a bidding war) and it was spoken by young hot up-and-comers. It's filled with pop and inside jokes. And to top it all off the film had an even hotter run at the box office than Juno - debuted with $6mil and over the next six months ended up making $100mil.
The big strike against it would be it's genre - yet, not it's violence (something that is definitely not hindering several big hitters lately). Although even the Academy has been tolerant to other genres lately. Who knows what coulda (shoulda) happened. I'll just keep daydreaming.