The Sci Fi Channel did this brillantly with Battlestar Gallactica. Take the known property and boil it down. Remove the cheese. And what do you get? An exceptional drama about humanity hanging by it’s fingertips.
Now boil Flash Gordon down. Remove the cheese. And what do you get? A dull tale about a moma’s boy’s struggle against Ming the Mildly Distempered.
Flash just isn’t fertile enough ground to make a show around. But what can be reinvinted? What should be the next Battlestar Gallactica?