Modernizing and improving a cheaply made series with potential can and has been done. Did you not see Battlestar Galactica?
To begin with it was good but turned to Crap mystical slapped together stuff like the FInal Five and Cylon Earth togethr with embracing Ludditeism
You are correct that salvaging a Show can be done as prior to nBSG there was the awful Galactica 1980 which seemed to be BSG's Death Knell until nBSG.
Interestingly though BSG has more similarity to Sliders than you might think.
BSG almost got rebooted in a Sequel/Continuation by the Shows original Creative Drivers but I think the Twin Towers led to Cast being dismissed, BUilt Sets being destroyed etc.
It got a lot further than Sliders under Torme for Season 4 on Sci Fi Channel but hat too nearly happened but sadly no Torme Cast or Sets almost happened before Peckinpah Cursed the Show once more.
"It's only a matter of time. Were I in your shoes, I would spend my last earthly hours enjoying the world. Of course, if you wish, you can spend them fighting for a lost cause.... But you know that you've lost." -Kane-