I think that would be an excellent idea. It seems to me that Legion of Three Worlds already tried to do this, but I don't know if it actually accomplished its goal very well. And the lackluster follow up series didn't help a ton either.
But even if a Legion Rebirth got the continuity smoothed out, I still think they need to adjust their approach to the whole thing. "Space teens in the future" is a great concept, but very often it just ends up feeling like another space-based superhero title and the real interesting stuff that could be explored ends up ignored or just used as background.