Your all making very valid arguments and to that effect there isn't really a lot I can say that hasn't been said.
So instead, I'm going to say this:
I don't really think it should be redone. Having them do so may end up causing something worse. Granted, I'll still play other M (as far as I'm concerned, the game-play works alright, and I'm not talking about the rather odd Item gaining method....courageous, I'm sure, but still rather backward... which I can't help but feel was the main reason for everyone's complaints on the story line, which to qualify I would agree with the many, many, MANY problems with said story, but I'm sure I'm wrong about that.... right?), mainly as a fan of the series and Samus, real or not, will always have my respect as the best (or at least one of the best) main female roles in gaming. And besides, we all remember a time when one of Links games sucked hard... when Nintendo gave his rights to a horrible company.... yeah.... you remember... the Philips CD-I! (Now, I'm not going to say that that... monstrosity... is the same to Other M, But it is a nice comparison figure... would you not agree?)