Part of the reason they made MST3K the way they did originally was because it wasn't very expensive to make. Yeah, that will be more now due to inflation, and not having the existing studio space. The only thing I can think of is if he wants it to be more elaborate, a la Other Space, with more sets and stuff. If that's what he's doing, that would feel like an evolution of the original show.
I'm all for him trying this. And I will certainly check it out if it gets made. But I have 198 episode of MST3K, Rifftrax, Rifftrax Live, and many different iRiff groups. I am happy with the state of riffing nowadays.