Forgotten Realms is not a bad concept. It's just become a mess of too much stuff being crammed in, some poorly execeuted additions, and then a series of rushed and not thought through revisions.
I think there could be a really great D&D setting for the future if you start with the original Campaign Set and supplements for 1st edition and start to expand and polish it up with the experiences and lessons learned over the last 30 years.
First, stick to Faerûn. Nobody wants to see 80s carricatures of South America and Asia by people whose main reference are kung fu movies. If someone has a decent idea for such setting, it could be worth a shot, but lack of one does not need to stand in the way of a new Forgotten Realms.
Forgotten Realms was never big on evil demihuman hordes in the early years. In the oldest material they get mentioned to be living on the fringes but mostly doing their own thing. I'm not sure why you would even want to have orcs in a setting if they aren't a barbarian horde threatening human frontier settlements, but you'd barely notice if they are gone completely. You could have a distinction between the drow people and the mad tyrannical church of Lolth, and wouldn't have to ditch much there either to appease twitter.
And I would say, off you go.