"Capcom does not object to a one-off use of a character for such things as school projects or a personal T-shirt with the understanding that this is done as a personal activity and that you do not intend to receive revenue by this use of our property. Also, we will not object to such use as long as it is not obscene, defamatory, libelous, offensive or slanderous towards Capcom, our products, or employees, or any third party and does not violate any intellectual property right or a person's right of publicity or privacy. This policy is in no way meant to be interpreted as creating an agreement or grant of license from Capcom to you. We reserve the right to withdraw our permission should this prove necessary."
And that answers your question.
Fan films are fun for friends really just messing around. You can
impress other friends, you can learn about putting together a
project but you cannot make a little money and you can't enter
a film festival. I think making fan films can be good for a beginning
filmmaker. When I was starting I used one act plays as scripts;
copyrighted plays - and having a good script really helped me hone
my skills as a director and later as a writer. I think making fan films
is the modern day equivalent.
I think you should make them with the understanding that you
are, technically, violating the copyright of another filmmaker. It is
not just paying homage or a compliment - you have taken the
rights of a fellow writer away. Maybe they do not want you paying
homage and you have not given them the option to say yes or no.
But you will not be going to jail and you will not be sued.
Maybe someday you will make an original movie using your own
characters. But until you do, you are fine (if very restricted) making
your fan films.