Or just make a new show at that point? To be clear, I don't care what race a new Buffy would be, I just think its ridiculous to reboot the show, period. I hate when properties are used as window dressing for someone's original show that they can't sell, so they slap a known property on it (like the 70s Incredible Hulk), and that's what you suggest sounds like. Buffy's story is done. There are other properties to do cash grabs for, why not pick one that didn't have a long successful run? That idea wouldn't improve the concept of Buffy, and it wouldn't justify stealing the name. Make a new show if that's what they want.
I don't usually get that bothered by these random reboots, with a few exceptions, but this has crossed the line for me. I won't even bother to hate watch this crap if it gets made.