I think it'd be a great thing to do after maybe a third movie. To then move forward and do TNG as a companion piece. How would you do it?
Me personally, I'd combine the things that made TNG successful from season 3 onward with the dynamic of the crew starting out from season 1. Picard would be gruff and intimidating to everyone but Dr. Crusher and Data, but we'd find out that it's the stress of command that keeps him at arm's distance from everyone. He'd be older, in his late 50's much like Patrick Stewart was.
I'm gonna do some sketches and post them if anyone is interested.