If I were in charge of this project, I would do a complete reboot of the setting, similar to how Marvel's Ultimate line reboots the continuity of Marvel's traditional comics. I would try to capture the essense of the setting (immense and epic threats, the clash of vast armies and titanic personalities, soaring romances and bitter betrayals, honor and duty, etc.) and just rewrite everything going with that. I would reset things to about where they were at the beginning of first DL book.
In terms of scope and tone, my DL would have strong resonances with the various Gundam animes. The Gundam series all are set in a backdrop of a huge war, neither side has a monopoly on good or evil, and the focus is on the characters as they struggle to understand their places in the world and with each other. That is DL to me.
Many setting elements would change, some greatly, some slightly. Kender would basically be 4e halflings (I'd lose the racial kleptomania). Indeed, I feel that "kender" should have been the official name for 4e halflings. The draconians would be reconcepted into the dragonborn, who return to the world with the dragons. Some would fight on the side of evil while others would turn to good. Paladine and Takhisis would be called Bahamut and Tiamat, respectively. There's probably a lot more out there.
I'm not familiar with DL outside of the Preludes and the Chronicles, but I would try to bring in all the cool elements from the extended continuity inside. I like DL minotaurs and the irda. There's probably more that I would like as well.
Unfortunately, this will never happen, because it would invalidate the novels completely.
