If it were true it would be a silly reason, but it's not true. George Takei has never turned down a role in a feature film in his life, and neither would Nichelle or Walter.
Actually, George Takei and his agent held out on appearing in ST II until almost the first day of principal photography. He was wooed back by the inclusion of the scene where Kirk promotes him to captain of Excelsior (see novelization). He held out on ST IV, too, and was wooed by the great great grandfather scene. Neither scene ended up being completed, but at least they got Takei onto the set. He was pleasantly surprised to see his captain scenes in his first read-through of ST VI; no further temptation needed.
AFAIK, he was not offered a role in "Generations", so wasn't able to turn down such an offer. Yes, an early draft assumed all seven actors might appear. But the scene where (only) Kirk, Spock and McCoy discuss the presence of Chekov's daughter on the Enterprise-B bridge was lightly rewritten as Kirk, Scott and Chekov discussing the presence of Sulu's daughter. That's also why Scotty does a few Spock-like lines and Chekov gets to act as a chief medic. A mere name global change.
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