I feel similarly: he's a compelling-enough character to warrant being the protagonist.
I've long thought it'd be helpful to provide him with a rogues gallery that is, in part, made up of heroes who are pretty popular but maybe have difficulty keeping their own solo going. Like, I think Moon Knight would work well as an antagonist to the Hood, and maybe his use would bring a few extra fans to the book.
While I like the idea of the Hood using various magical items, I would love if they re-establish the Nisanti as the real source of power. I always loved seeing Parker Robbins cut loose and transform into the form of the demon.
-Pav, who also thinks the Hood could work extremely well as a Spidey villain...