Yes, that would have been fantastic. Instead, we see Starfleet fighting a war with the Dominion with fleets primarily composed of out-of-date ships. No wonder they almost lost.
I seriously doubt that the storyline placing Starfleet in a situation of near defeat was based around the studios re-use of TMP era models!
I think it all it boiled down those models being cost effective cannon fodder, and it allowed bland unimaginative ships (imo) like the Defiant etc to stand out and look good.
The stand off between the Lakota with all the latest 24th century trimmings still on the verge of being destroyed by a small scout ship just reeks of Berman and Braga's petty underhanded dismissal of the TOS/TMP era.