Um, Raistlin?
Surely the very first set of books would translate extremely well to 4e?
Having not really kept up with the continuity, I'm not familiar with where we are now, but the original storyline of incoming armies, the return of the Gods and so forth would make an excellent 4e "Points of Light" game.
Raistlin, after the first books, isn't really considered a PC anymore. He rather has the same status as Elminster.
Dragonlance always was low powered. Just compare the first books with some FR books, like the ones about Drizzt.
While Drizzt goes around slaying dragons, drow matrons and devils with his incredible sword skill, the heroes of the lance barely manage to kill a dragon with losses on their side, loose several members of their group during the adventure, either through natural causes or enemies and even at the end of the adventure are not above hiding behind a desk to have cover from a fireball.
Mechanically characters in DL always had more restrictions than normal D&D characters. Magic was restricted through the Order and through a (optional) drain mechanic and in 2E there was even a level cap for DL characters at lvl 18.
Dragonlance always was a low powered setting, but low powered and the 4E power system doesn't mix.
As for DL being a point of light setting, not in the traditional sense. While there was a great light vs. dark conflict with darkness winning at the beginning of the War of the Lance, the darkness was very lawful and not chaotic like in traditional PoL settings. The wilderness wasn't untamed and full of monsters so that no one dared to venture out of the village. Instead you had had tyrants who ruled over the land, but the land itself was rather safe. Even the goblins and ogres in DL build cities.
