It would fit into an action scene, I think, possibly some big final battle, or a chase. As I say though, whether another composer would be inclined to use it - quite apart from any legal issues - is another matter altogether. I hope one day another composer will. (After all, Thomas Newman not only used Monty Norman's James Bond Theme for the track "Breadcrumbs" in SF, but David Arnold's arrangement of it.) I think SF would have been an appropriate film to have incorporated a piece written by John Barry, or at least based on one. Pity it didn't happen.
I'll give you a non-Bond example of recycling a piece of music from one film to another, by Barry himself. I have never seen the film, but I have the CD of Barry's soundtrack of "Cry The Beloved Country", a story set in South Africa. On first listening to it, the CD reached track three, and the piece sounded strangely familiar - a slow, wistful symphonic tune, almost certainly based on Barry's theme for the 1964 film "Zulu". This arrangement crops up several times on the CD. I imagine it was the composer taking the opportunity to revisit an early backdrop, in music. Whatever the reason, it's a haunting use of a piece of music used very differently in its earlier arrangement.