I think an intelligent remake of CREATURE FROM THE BLACK LAGOON/REVENGE OF THE CREATURE could be a popular success and help keep our fiends in the public eye. 

The design of the Gillman would be critical and I fear would be what sinks (!) the project. Too fishy and monster-like (aka MONSTER SQUAD) and the audience can't empathize with him, and too human would come across as some water-logged AVATAR character.

In regards to the Gillman's look Universal really did get it just right back in the 50s.