That could work...but I'm kind of afraid that will make the character even more confusing to any potential new readers, having to explain that this Logan is a merger of two different versions.
Most likely if they bring 616 Logan back, they'll just kind of do a reset with him in general. Maybe he no longer has his memories and is back to being all dangerous and unpredictable like OML is and like he was back in the 80s. As for what happens to OML in that scenario...well, hopefully he gets a happy ending of some sort. Maybe reunited with his family in the afterlife, or goes back to his future and raises Baby Banner or something.