I'm not going to be one of those people who go on and complain how bad the original is and honestly, it's a crap comicbook movie and among the worst. That being said, it had two bright spots. Ryan Reynolds and Mark Strong. Mark Strong is fantastic as Sinestro but, despite the fact that I like Reynolds as Hal, there is no CBM he's more suited for than Deadpool. That being said, I wish DC success with their films and possible Cinematic Universe. This isn't what should go on the movie "How to" this is a "If I worked at Warner Brothers, this is how I would approach and want to make the project". It's not all that hard, even for a Marvel fanboy like me.
The Incredible Hulk of the DC Universe

The only difference besides the fact that they're completely different characters is the approach. The Incredible Hulk was more of a sequel than a reboot, that's why at times I consider Ang Lee's Hulk to be the real start of the Marvel Cinematic Universe, even though it's officially not part of the universe. Green Lantern should be just a full blown reboot. Fun like TIH but not over doing it like the original GL movie. I'm not saying which Lantern I would use cause I would use John Stewart cause he's more fit for the ring (even though, I would change his origin so Hal has no part of it) or I'd use Hal just to stick with the original Justice League line up. I mean, that's what the build up would be for right? I'm not saying that should go the "Marvel Route" of the cinematic universe but, it's also at the same time not something that Marvel can say "this is our way, you're not allowed to do the same." Ya know? The Incredible Hulk had a good story, good acting (outside of Liv Tyler, she is like Maggie Gyllenhaal and Marion Cotillard, terrible actress) and exciting action scenes. That's how Green Lantern should be like The Incredible Hulk. Fun and exciting with a good story and good acting, interesting characters is always a good thing too. But please, better special effects than the original Green Lantern.
Director of Choice

I know he said he'd be interested in the Batman reboot but, I would do everything to convince Rian Johnson that he should do Green Lantern. Especially after Looper (a million times better than Children of Men, that movie is average as hell), Rian Johnson is the director I feel that can breathe life into the potential Green Lantern trilogy. Yes, anything beyond a trilogy is pushing it. I'm sticking to it. Looper had good character development, good story, interesting characters, engaging action sequences and was an overall fun, sci-fi movie. Yes, that could be said for other science fiction films but, Looper is special and that's due to it's interesting premise. If given Rian Johnson an interesting story for Green Lantern and show the possibilities and potential of a Green Lantern film, I'm sure he'd be interested in doing the film. In my mind, he's the man who really should direct the reboot. At least unlike Zack Snyder, he isn't style over substance and unlike Alfonso Cuaron, he isn't boring and make dull movies. I gave Cuaron a chance with Harry Potter and the Prisoner of Azkaban and gave him a chance with Children of Men. Prisoner of Azkaban really isn't too bad but, Children of Men is average as hell and completely bland with uninspired acting. Anyways, we're getting off topic.
Villains

This is where Green Lantern really failed on an epic scale as a movie. The villains were weak and lame. Seriously, a pointless human henchmen more-less to a giant space cloud. This is going to sound nuts but, at least Galactus in Fantastic Four: Rise of the Silver Surfer felt (to a degree) like a threat. Parallax was campy and just overall sucked big time. Either have the villain(s) in the Green Lantern reboot be the Manhunters who were created by the Guardians of the Universe OR (this is my favorite but, I'd rather see it for a sequel) have Atrocious and the Red Lanterns be the villains. I'd save Atrocious for the sequel cause it's bigger, it's more into the mythology and it would just be too much for a Green Lantern first film. When you think about it, The Manhunters would be a good start for the Green Lantern film franchise. A threat to Hal and the Green Lantern corps, you get the origin of the villains and the Green Lantern corps all without it being a complete and udder mess. Another problem with Green Lantern was there were times of randomness. Remember the first (and if I remember correctly, only fight) between Hal and Hector Hammond? Yea, that was random and didn't fit at all. Talk about plot holes, how the hell did Hal know where they were? Uninteresting villains isn't the way to go with a debut film for a superhero who has never been on the big screen.
Don't hold back
Weapons created by the protagonist and the marketing in general. It would have to be a major upgrade. As far as marketing goes, market it as if it's the next big franchise. As if it's the next Batman, Superman, Spider-Man or in a way, more fittingly, Iron Man. It needs to feel fun, exciting and big. Green Lantern failed in big and exciting. It succeeded in being marketed as a fun movie. Which, the final product obviously failed in all three. As far as the weapons, the ring goes. It really isn't that hard. Don't hold back on potential. Think outside of the box. Not just walls, shields, swords, hammers, chainsaws and guns. Make it something unexpected. He's more than Iron Man and Batman, his "weapons" are limitless.
There is much more I would do when approaching a reboot for Green Lantern to coincide with the DC Cinematic Universe. This was just put up the general idea and food for thought. Not much but, don't care. What do you think? Comment below.