Thinking on it, I'm of the opinion that it would be pretty epic if it was the original KITT, complete with its 'advanced' 80s technology and classic TransAm body.
It would add a great level of camp to a show that honestly should be campy. And there'd be a lot of potential fun as KITT struggles to keep up with all the advances that have occurred since he was mothballed, but still managing to triumph despite it all. Perhaps even competing against some new prototype developed from KARR's wreckage or something who does have all the advantages of modern technology.
I think that might actually be a lot of fun.
Thats pretty much what Knight Rider 2000 was - its "the future"; KITT has been mothballed forever, and ends up inside a vintage 50s Chevy, being overshadowed by a modern red sports car, and being missing various compenents, trying to keep up with 21st century technology. It was made in 1990. Great camp, and a hilarious scene with James Doohan in it. Serious moments, too, with shades of Robocop and Demolition Man mied in.
Or the last four reboots -- Knight Rider 2000, Knight Rider 2010, Team Knight Rider, and the 2008 series. It's amazing how many times people have tried to revive the show. It's not like it was all that good to begin with.
I have always had a soft spot for Knight Rider 2000. It might seem derivitive now, but at the time, for a tv movie, it was fantastic. It acknowledged all of the KR history and had Hasselhoff AND Daniels. It predated most of the stuff it could now be seen as cheap knockoffs of, and was satisfying both as a TV sequel to the classic show, with the classic cast, and as a pilot to launch a new team. To this day it ranks up there, to me, as a good bookend for the original series.
As an alternate timeline, the original 2008 pilot movie was pretty good, but the show quickly went off the rails, changing the nanotech completely, adding an entirely useless tech team, and later even worse with a strange transformer-like robot form of KARR (no connection to the original KARR, although the same voice, and in a continuity where the OS was supposed to have occurred.) The pilot movie implied a presence by Hasselhoff that was never picked up on by the show itself, and by the time it retooled itself, reintroduced FLAG, dumped the team, and got back to the basics of "one man (and his car) CAN make a difference," it was too late, and it got cancelled.
Kilmer definitely was one of the worst parts. If they had just cast Daniels again as the voice of KITT, I don't think anyone would have cared about what car it was in, or who was driving... :P