I'm loath to go with a reboot or remake of B5 because I don't think you can recapture that G'Kar or Londo dynamic and I don't want them to try. I think JMS unfortunately put some self-imposed limitations on the growth of the B5 franchise by establishing that Babylon 5 was the last of the Babylon stations, which cuts out easy branding of a Babylon 6 or 7, etc. series so people know it's a new series. Further, I think he made a mistake by not making David Sheridan the lead character for Legends of the Rangers and using that pilot, and potential series, to take forward the B5 universe. I was looking at a little of LOTR, on Amazon Prime video, the other night and thought again what a missed opportunity. Crusade was another missed opportunity, but he got screwed by the studio IMO and that wasn't JMS's fault.
Despite the missteps with Crusade and LOTR I still think the future of B5 lies in the future and that they should build on what they have instead of rebooting or remaking what already came before. For one, B5 got five seasons, two spin-offs (even if both failed), several telefilms, and a straight-to-video film, compared to the original BSG's one season, so there's far less room or need to tell or finish a story there. B5 would be more ambitious and I would argue expensive to remake than BSG was, so why not just go with a sequel series set in the future? Preferably with David Sheridan as the main character or one of them, so they could still use the B5 actors that are still with us, and perhaps do some Obi-Wan stuff with John Sheridan.
Or they could do like a Star Trek: Picard thing and focus a sequel series around one popular B5 character, like Delenn. I think her character has the potential here to go all kinds of places and do all kinds of things.