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They'd have to do a lot to convince me to go back to Kanto. A cool battle facility, some much needed expansions/revamps of certain towns (Saffron, Vermillion and Celadon should be huge) and routes, extra optional dungeons, all of the new features of FRLG returning like Sevii Islands and the Move Tutors. An adequate replacement for the slot machine minigame would be nice given how integral the Game Corner is to Kanto. And while they're at it, Cinnabar should be a town surrounding a proper tube volcano, considering that its always represented that way in official artwork.
I don't care whether it's a sequel, a re-imagining or an alternate timeline, Kanto needs seriously shaking up for any of it to be worth revisiting. I would like to see them do it justice one day though, its full of potential that went unrealized due to the Game Boy's limitations and Game Freak's inexperience at the time.