Funny thing about The Crow is that there is no worry about infringing on the original with a follow up, but the studio apparently fails to realise this. The comic was about Eric and it remained a stand alone story for ages, and any other Crow stories have not been about Eric returning from the grave again. The Crow is not solely about Eric's story, so the key to another Crow movie is to recognise that the original film serves as a great example of how to make a Crow movie, not something to bleed off of with direct tie-in follow ups.
Technically, this means another Crow movie should be easy to do. The studio can easily ignore the other three follow ups because there is no need to reference them at all. Or, they could re-use a sub-plot from City Of Angels and have Sarah act as a guide for the Crow. I really don't see the point in remaking The Crow using Eric's story though, it should be an all-new character and draw inspiration from the original film and material not used from the comic, not re-tell a story that needs no re-telling.
You have a guy who is happy, maybe has a wife and kid, but is targetted unfairly by a gang of vicious SOBs and they are killed, then the Crow brings him back to enact revenge, which he does, and the film ends. It doesn't need to be Eric, but apparently they are now looking back and saying "the original Crow was the best, so let's re-make it because it was the best" rather than "here's a great example of a great story, let's base our work off this to tell another tale set in this world."
Gotta say though, if they use an idea like I'm saying, I would really like them to not use the now-cliche "attack the Crow to destroy the man" angle that occured in every single movie. While I see the benefits of making the hero mortal for the last battle to create some tension, it might be better to incorporate some of the thinking behind the final battle of Equilibrium, where the hero is a single-minded, kick-ass bad ass who takes people out. End of.
I'd also like to see the toning down of additional Crow attributes. Draven had strength, skill and the ability to see through the Crow's eyes, but also had the ability to see and transmute memories and pain from and to others. Ashe had the same abilities but, instead of the pain-thing, he could use magic tricks and summon a murder of crows at will, while Alex had the same abilities but could actually turn into the Crow to fly about the place and returned to life a second time (I would re-tell Jimmy's ability, but I haven't seen the fourth film...yet). While I see the need to add unique special abilities to the Crow's arsenal, it might be better to stick with the invulnerability, strength, skill and Crow Sight techniques and then, instead of having other powers, re-focus his attention towards weapons and comabt, like in the original book.
I'd like to see the hero be killed in a fire and be resurrected from the Crow cawing into a rising wind and have the hero return to life by his scattered ashes forming from the wind, might make a cool visual. I'd also like to see him apply his own make-up out of something not as cliche as "the old Crow did it" or "I was scarred this way" or "Indians use this war paint" or anything daft like that, and there should be no embarassing reference to past Crow's like in Salvation, or other characters gaining the Crow's abilities.
I'd love to see a new stand-alone Crow movie that is taken as seriously as the original, but I would hate to see that same perfect story re-told again when the Crow formula is so simple that you can tell the same basic story but with new characters and new situations which don't undermine the original film.
But what do I know, I'm just a fan.