That could work if you were to bring back Smallville through a different name. Have Clark get his powers back but for some reason his ability to fly is not one of them. So he becomes the Red Blur again. Lex and Lois from the old show could also return. Add some new characters such as Kristen Wells as Superwoman and Carol Kent and Smallville's version of Otis and Van Benson who takes over for a retired Perry White.
I....would love to see this. Would it annoy a lot of people that Clark's back to hiding in the shadows while every other character makes references to someone saving people like "that flying guy" or "man of steel" used to do, sure. But I'd watch.