I think Alpha Flight may be best shown as some sort of extension of the work Stryker was involved with in creating Wolverine.
In the comics, I think they first appeared when sent to get Wolverine back as a Canadian agent. Quite why they waited so long etc is a bit of a mystery.
But I think an Alpha Flight movie would need the team to have some sort of development from the existing mythos, rather than just a Canadian equivalent of the X-Men. They need a good reason to exist.
Just making them standalone could possibly work, depending on the story that was scripted, but as someone else said they don't have much to offer that's amazingly new apart from being Canadian.
I love some of the characters, such as Snowbird, Sasquatch, Aurora, Northstar, so it would be nice to see them on screen.