If Spencer died or not we don't know for sure. But he survived a similar fall a bit earlier in the game.
After the credits the morse code does hint at a sequel. But due to GRIN (company that made the game) now being out of business this seems unlikely. Unless someone else picks up the franchise. And that may go in another direction then the one suggested (Ressurecting Master-D, or Hitler as he was called in the Japanese version.)
And about Emily. I guess you didn't pay attention at the end of the game.