1) Should it just be a remake, ignoring the original series?
2) Should it be a sequel, where the suit gets passed on to someone else?
I'd lean more towards the second, since the learning-curve was one of my favorite parts of the show (much like the same curve in early Ben 10, early Heroes, early Primeval, et cetera), but it'd be hard to cover why Ralph would pass the suit on to someone else without teaching them what he's already worked out.
* If you're the sort of person who refuses to think about it since it's just begging the question to say that they would have to re-make it, I'll officially label you as "no fun". I'll give you geek-points for using the proper classic definition of "begging the question", but still... No Fun.