Glad to see that others here share my sentiments against another SDF Macross remake.
As for the project itself, I think a side-story in short OVA or 13-episode anime form would be ideal. The subject matter should ideally be less epic in scale than SDFM. I'm thinking of an experimental project like Macross Plus. Maybe this can even be the anime project for 2012 Urobuchi Gen said he was working on.