I think the original layout is the best way to go, too, only make the black transparent, and you can play while the info screen is still there.
That, or you make it appear like in the old games, but instead of staying there for 10 seconds, it goes away when you press a button.
I definitely think that those screens are iconic and should always be a part of Shenmue, however, 10 seconds load times are unacceptable. I can deal with it in the old games because I'm used to it, but in a new game it shouldn't stay for as long as it did in the original games.