Here is my approach for making starfox relevant again.
-Star Fox 64 style gameplay. Longer game than S64
-Develop for 3DS. I know we all want HD starfox, but budget will be lower, and audience will be bigger. The key is to get the series to make money, and thus have more talent behind it.
-Add online leaderboards, online battles, ship customization, RPG elements. Etc. In short, don't try to "revolutionize starfox" like they have tried with the GCube ones. Just make a sequel to S64 with modern sensibilities and bells and whistles.
This might sound boring, but it is absolutely what the series needs. After 3DS game is successful, make the huge incredible Wii U starfox.