Tim Burton's Wizard of Oz sounds like it could be fun. Burton at least knows how to do dark and playful at the same time.
With all due respect, I'll differ with you there, sir. I think it would end up like Alice in Wonderland
and I couldn't take that.
Now that you mention it, I didn't much care for Alice in Wonderland. Still, Oz is a wondrous, magical place that's very surreal and has a distinctly creepy side to it. If it had to be remade, I can't think of a better suited director than Tim Burton. Going on his body of work, and what he's done in recent years, it would probably have better than a 50/50 chance of turning out to be a really good movie. That's IF it had to be remade.