Could an adult/up to date film work?
I grew up with this movie as a kid. I had been in karate at the time when it came out, so I was psyched to see a movie about kids my age kicking butt. I'm in my twenties now, and I always wondered if a non-kids version of this same concept could work.
Bring back the original three actors, all adults now, and see how they have turned out over the years. It definitely shouldn't be a kiddies film, though. Give me a strong R rating and show that if it comes down to it, they are prepared to enter a fight with the intention of winning, death being if they lost the match. I just think it'd be a neat approach.
Further sequels chose to use different boys in order to keep them kids, and by this time I was a teenager so I honestly didn't care anymore. I felt like "they should let the original kids play themselves and make a teenage movie." Well time has passed, now I want an adult one, Lol.
" I'm the one who gripped you tight, and raised you from perdition. "