Absolutely 110% this.I'm all for this personally. I mean, the original Babylon 5 suffered from three major issues which this can fix.
It seems to me a modern version could do much better treating the original series like a rough draft - something JMS can do since he had credit on basically all the "arc episodes." Pulp almost all of Seasons 1 and 5, and pull together the strongest elements of the middle three into a tight new five-season narrative.
- Terrible VFX - we can do better now even on CW budgets.
- Really inconsistent acting. Jurasik and Katsulas were incredible, but the rest of the cast was mediocre to awful - as was most of the guest cast.
- There were all sorts of arc-related issues, from the largely episodic first season JMS was forced to do to prove the concept to the networks, to the rushed season 4 with two seasons worth of plot, to the actual season 5 tacked on at the end and largely useless.
A modern, well made high production value pass at it hitting all the high spots but with the fat cut off.
I've been on at Jr. to watch the show - it may actually be better for him to wait a while and watch the new one unspoiled.