I can just imagine all the uptight parents "Oh, we can't let little Jacob and Madison see that, it endorses drug use! It hasn't been sanitized for our protection!" Hell, back in the '60s we watched that stuff and thought it was cool.
Oh well, they'll just make some Will Ferrell Jackass comedy out of it, that has absolutely nothing to do with the original. Just like they always do.
Honestly, the second idea is probably right, with those drug references out the wazoo.
I read up on the show though and I can't imagine parents today really caring enough to read into the "subtext" unless one of the creators actually throws it out there like Philip Pullman did
. If that happens then there's more of a chance of parents letting their kids see the Will Ferrel version than a faithful adaptation