Of course, Harrison Ford could still be in it in the same way that Lance Henriksen showed up in later Alien movies, either as another version of the same "model" or as the non-synthetic on whom Deckard was based.
I readily admit that I have no idea what to do with the Masters. In the Malcontent Uprisings comics, Field Marshal Leonard, who was in command during Masters, was presented as a largely amoral despot - developing that alongside a heavy-handed authoritarian and militaristic United Earth Government might go somewhere, I don't know.
With New Generation, you get to deal with the complexities and moral compromises of a guerrilla rebellion and a presentation of life under occupation, which BSG did really well with the New Caprica arc - that could be cool too.
As for the special effects, it really depends on who does them. Zoic's stuff on Firefly and BSG looks amazing, while other recent TV sci-fi doesn't. It would have everything to do with the budget, of course, but I think it could be done well.
I remember being at my friend Nic's house some long-ago day in 1985. We were watching TV, probably G.I. Joe or Transformers or something similar, and we saw an ad that absolutely blew us away. I'm not exaggerating in the least when I say that the scenes of what I would soon learn were Veritech fighters left our jaws hanging open. I literally gasped out "What is that?!" just before the announcer let us know that it was Robotech, and that we should tune in weekdays at 4:30. I was intrigued, but my parents had a rule - the only TV that could be viewed during the week was PBS. After the premiere date, I asked Nic "So how was that Robotech thing?"
"It was AMAZING."
We lived in Northern Virginia, and when the wind was just right, we could kind of catch the signal from channel 45 out of Baltimore, and they ran Robotech on weekends, but it was touch and go. Given the fact that Robotech was (wonder of wonders) serial storytelling, missing an episode or two was a big deal. Still, that ad gave me a glimpse of something that looked mind-blowing, and my best friend gave it his enthusiastic seal of approval. I needed to be in on this thing. Luckily, on a run to the comic shop to get G.I. Joe and Transformers, I saw that Robotech had its own comic, and that it was the exact same story as the show. Same story, but being a comic made all the difference. No longer did lines have to match the mouth movements of preexisting animation, and the rough edges of the show's dialogue could be smoothed over. Most of the dialogue was very close to the show, but in some places, ideas were fleshed out further and just generally polished a bit more. I'm not saying it was Shakespeare, but it took the complex characters and situations and really made them shine. Plus, I didn't have to hear Minmei's utterly execrable oeuvre - just read it.
Since then, I've always believed that Robotech had the seeds of utter brilliance. It could easily be the subject of a gritty, utterly serious remake akin to Ron Moore's Galactica. In fact, the full Robotech storyline deals with a lot of the same issues that Moore's Galactica did. The Macross Saga gave us the vastly outgunned human ship on the run, its inhabitants living messy human lives against a backdrop of near-constant peril, with the civilian government sometimes clashing with their semi-willing military protectors. When a human pilot falls in love with one of the alien enemies, things get even more wacky. The third chapter, The New Generation, gives us human rebels fighting a guerrilla war against an alien occupation, complete with struggles against collaborators, opportunist criminals, and other humans who have become apathetic after decades of ceaseless war. The second (and probably least popular) chapter, The Masters, deals even more with inter-species love and follows the exploits of the first human-alien offspring. The extended universe goes even further, including a great exploration of life on a devastated Earth in the wake of the first war, as the militaristic and sexually segregated Zentraedi struggle to integrate with the human population, with sometimes disastrous results. Many become anti-human terrorists, allowing the story to get into some decidedly mature fare about internment camps and indefinite detention.
Plus, giant robots.
Handed to the right team, this could be thrilling, challenging science fiction. Unfortunately, for reasons beyond my ken, it languishes as an '80s also-ran. To the dedicated Robotech fan, it seems like every other (markedly inferior) '80s property has been re-upped, for better or for worse - when will this oft-overlooked rough diamond be given its chance to shine?