"A loss"?
With some imagination...
If you really want to differentiate him from Jefferson Pierce by making his powers magic, even though not tied to Shazam, they can still make his powers Magic based on another source, that isn't lost.
On the cartoon he could physically turn into lightning, was closer to a speedster as he could travel at lightning speed, and make hard-lightning based constructs too, he was operating on a completley different power level than Jefferson Pierce or Virgil Hawkins for that matter.
In DCU Animated he could also travel through wires and anything electronic, and had a deep synth voice.
You can really go in several directions with him, or combine them, and still make him recognizable to all incarnations.
Hanna-Barbera, DCU Animated nor Young Justice (who used Static as a stand in for him) ever gave him a civilian name, but they can use the name (and a bit of the personality) of the actor who voiced him for SF as a great homage.
http://www.behindthevoiceactors.com/Buster-Jones/
As well as Vulcan, he also did,
Winston Zeddemore- Ghost-busters.
Lothar- Defenders of the Earth
Doc- G.I. Joe
Blaster- Transformers
As for the costume obviously the above and Alex Ross references the HB/SF version, which was actually really great, just needed pants. And as indicated you can incorporate elements from all of them; SF , the updated JLU Animated Ultimen, and then have the civilian ID similar to YJ.
So everyone from all the fan bases recognizes him.
And like in SF, JLU-Ultimen, and YJ, keep him as part of the team, with the other recognized HB created heroes.
Nothing is "lost" it's all there, three versions of their animated universe have celebrated and used analogues of him, they just have to hone in on one recognizable look for the character, that generously references all three animated incarnations, so you don't loose any fan base, and then actually use him (with the others) as a character in the books!
Edit: Some people want him even more like Jefferson Pierce?
that is bizarre to me, just use Jefferson Pierce.
My principle interest for him is on a team with his other created for the cartoon heroes.
Just as a solo hero, or for Justice League or Outsiders, they should really always use Jefferson Pierce.
But as a team consisting of all the re-imagined HB heroes together, that is where I'd develop him, and distinguish him from Pierce.
If you are not bringing the HB fans along (and the DCU Animated and YJ who homage them), what's the point?