The bad endings are pretty much a joke. No way any normal player can ever see them as I think you'd need to waste hundreds of days (I think at least over 100 in-game days) to see them. There are a few scenes where you can quickly "waste a day" by failing over and over which has been abused to see the "bad ending", but normally you will never see them, so don't feel too spoilt if ya just look them up on youtube.
Personally I'd welcome the "choices" thingy, as i liked that pretty much in Fallout 3. Like you could decide to work with a faction and help them, just ignore them or kill everyone. Not sure if this fits much into the Shenmue world though, but for Fallout 3 it pretty much enhanced the replay value.