Read the Ultimate FF Doom storyarc by Warren Ellis. It's awesome, believe me.

(then again, just wait for the last issue to be out, then read it all in one shot

)
In it, Ellis and co. combined Doom's origin with the FF. I liked it. Why ? Because he was still pretty much the
same Victor Von Doom (except here, he was stupidly named Van Damne, but whatever) we all know. Why ? Because his "character" was still the same. If Fox (by altering Frost's script) can alter his character to the point were he IS the Von Doom we all love to hate, then yes, no prob.
Combining his origin with the FF is not such a bad idea (like I said, I like what they did in UFF), but making Von Doom a jealous businessman boyfriend IS. At least, it seems with those new photos that Victor won a trophy because of his intellect. Which was one of my major gripe with Frost's script: he wasn't smart enough! Doom needs to be the equal (if not more) of Reed, intellect-wise.
Btw, you mention that the revelation of Doom already knowing Ben and Reed wouldn't shock the viewers of today. Now, why would they have to make that a revelation ? Just have the intro show us
THAT relationship. The revelation might be that Dr. Doom IS that young student from the intro.
Edit: What I fear about Victor's character is if his ONLY goal in the first movie is to punish Reed for what he did to him, with nearly NO references to Latveria or his world conquest goal. I mean, if they opt for a businessman Doom who (like in the Frost script) doesn't care much about his native home, and only wants to become more famous and richer, and that after his "accident" all he wants in life is to have revenge on Richard, then boo.
BUT, if the reason why he is so rich and powerful is
because he needs that money and those ressources to take either back Latveria or conquer the world (it's Doom we are talking about here, not your average villain who robs banks

), then hell yes, i'm all up for it.
Making Doom a villain who only wants to kill Richard and nothing else throws the character back 60 years ago. We have gone a long way from that. Byrne and many others have made Doom an even more interesting "character" (he was already a great villain before, though) then he was when he was first created. I'm hoping Fox and co. take that into consideration.
Second edit:
One thing's for sure, the Victor we all know woudn't lose 20 years of his life by doing nothing. The scar didn't make Doom who he was. He was already Von Doom before the accident in the comics. In Frost's script, he is NOT Doom, at least, not until his accident. It should be show that he is already the man he will become later on in the movie (world conquest, Latveria, huge ego, etc). The scar sure as hell wasn't the only reason that made who Doom is. Frost's script seems to indicate so.
Then again, it's been said the version of Doom by Frost has been altered. The question is how much ?