If they're going to diverge, update, whatever, why not just do something different? At that point, it just becomes a name, a few characters and a vague sense of mood you're borrowing. And every article about it will reference the not-great film, the fact the creator wants nothing to do with it, etc. Just leave it be.
I fully admit that I love the comic, think it's worth every bit of praise it's ever received and was cock-a-hoop with excitement when I first heard about the film. Heck, I still think there were some great bits to it, some amazing casting (although it feels like it had two casting directors, one of whom was a genius, one of whom was an idiot); but so much of it is tied up in its medium that it feels sort of pointless adapting it for another one. It's like doing an exactly faithful version of "If On A Winter's Night A Traveller".
If you're desperate to adapt another comic, how about "Invincible"? Or "Incorruptible" and "Irredeemable", running side by side?