There were a couple threads where we talked about this and POG before... both may still be here in this forum.
My own thought was that the new MOTU should have been the He-Ro story Filmation created (not the He-Ro from Preternia).
Then you could do something fresh and new for a new generation (new style of animation/action/etc),
it would be a continuation of the canon and the epic story of MOTU,
and it could have plenty of nods to classic canon that old fans would have loved.
Win win situation in my book.