If/When a possible Nightmare on Elm Street reboot happens...

Tie into the original series. Do the legacy sequel thing, ala Halloween or Candyman.

I don't think anyone really needs another Nightmare sequel/reboot/whatever, though I'm sure we'll get one anyway eventually. Freddy as a character just doesn't really have any interesting direction left to go that I could think of. The series seems difficult to continue, the character has become a joke and the lore also turned into something quite stupid and overdone.

I liked it when he was 'just' a rapist/child-killer who died and yet somehow still remained alive, as a phantom in dreams. All that "bastard son a thousand maniacs" stuff never appealed to me, or that the dreams became more fantastic, separate special effect sequences - you could quite easily tell when they begin and end, which was not the case in the original and Freddy's Revenge. The remake also got that right, and anyway seems like I liked it more than than most.

So, make another quite straight remake of the original, and hope that people will like it more this time. Ignore the later lore, it just isn't worth keeping around.