The great strength of the original was playing on the fears found in adolescent sexual anxiety. Struggling against falling asleep for the teenagers is like struggling to maintain sexual control with raging hormones. You can try, but you will fail.
As such, Krueger represents all sorts of things: loss of control, lust, fear, sexual tension, the grotesque, and is ultimately menacing.
There are all kinds of ways to approach the idea, but ironically, they haven’t emphasized dreaming as much as the other elements. For his victims, dreams are generally crystal clear. While in reality, it is hard to keep attention in dreams, Krueger can somehow fixate and maintain the focus of the kids, long enough to harm them.
So this might be a good way to restart the series. With Krueger having to teach them how to have dreams vivid enough so he can hurt them. At first, they don’t remember their dreams, just that they wake up very excited and afraid, feeling pursued by some invisible horror they can’t remember.
This makes them more and more afraid of sleeping, and then, one after another they get more clues about Freddy, but at the cost of their lives.
Rebooting Batman wasn't a problem because all the Batman actors were empty suits. This will be more like trying to remake Dragnet, where the Joe Friday character was personified by Jack Webb and no one else can play it.
I have no idea how they can remake the mystery of the original. It seems like trying to remake the Sixth Sense.