I am not in favor of any type of Trek reboot. Now, having said that, I thought JMS's idea for a Trek reboot was quite interesting:
I am opposed to any reboot of Star Trek. I dislike Abrams Trek and that's much closer than what the OP proposes. Someone up above said it best. The taglines for the series really sums up what the show is about. BSG was "A rag-tag fugitive fleet on a lonely quest" to find Earth. Star Trek is about "exploring strange new worlds, seeking out new life forms and new civilizations." The OP proposal is not Star Trek.
How do horizontal turbolifts take up too much room? From the deck plans the lift space looks no larger than a corridor. Without horizontal turbolifts, those spaces would be taken up with necessary corridors for movement and foot traffic flow. Seems like there would be no gain of space. What would you put in those spaces?