For all its flaws, B5 had a lot to offer and holds a unique place in Science Fiction (any form of Science Fiction). I would not object to a TNG style remake of the series, but there is no need to go back to a reinvention of the original premise.
Unlike the original BSG which only had a season's worth of episodes, B5 has a complete, intact arc that holds together very well and does not need to be redone.
Other shows, like BSG which were poorly done originally or only have a few episodes to them could be redone nuBSG style. Buck Rogers in the 25th Century is a possibility for this category, for example.
Other shows have recently had the potential for well done re-imaginings such as Bionic Woman and Knight Rider but failed miserably.