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They'd be better off using your premise in an entirely new franchise. There's no reason to bring in the Maniac Cop name. The majority of the people who would watch it probably never even saw the original films and most of those that did probably are not huge fans (I'd fall into this category...) Exactly who would they make this film for? The limited amount of true fans out there. Their numbers probably wouldn't suffice to make a decent profit even on a Direct To Video release.
But, Splat, your summary of a possible plot would be cool if they don't tie it down to a obscure horror series from so long ago.