If it's a hoax, why did it come up again, is it just one JB's dreams or is it actually closer to fruition than last year when this EXACT same rumor came up?
Regardless, I still haven't figured out what's wrong with a Bruce Almighty-style Green Lantern movie. Undeserving schmuck gets ring, misuses it, learns to use it right and becomes a superhero.
I think they should call him Charlie Vickers. That'd be a big hoot actually, and I don't think it'd make to many fans mad since most GL fans don't know that there ever WAS a human Green Lantern named Charlie Vickers.
As for making a Jack Black Bruce Almighty styled GL film as opposed to an epic space opera sci fi Hal/John/Kyle film I should probably note that the dream GL film is not in development. Ever. It's not going to be in development and no one is trying to make it. This is not a choice between a GL Epic Trilogy and Jack Black. This is Jack Black or nothing people.
Anything a summer blockbuster Green Lantern would do for WB is well covered by the more dependable, profitable, and recognizable Batman Begins 2, Superman Returns 2 or Whedon Woman. There are several other problems with having FOUR summer blockbuster superhero franchises. Even FANFILM making fanboys won't make a GL film because it's too expensive.
BUT, they can easily make a nice fall or winter release superhero action-comedy with Jack Black in a city making cool green stuff... much cheaper, but will still bring out audiences and still bring out the most basic appeal of the character: the guy who can make anything.