I actually think GL on tv would be the best place to tell GL stories..there is so much material.
Everything would have to be toned down, and the GL's power level would have to be reduced. But i would actually be okay with that. A GL tv show would be less of a superhero show, and the GL's would be more like cops/soldiers/space explorers.
Hal, Sinestro, Kilowog, John Stewart, Guy Gardner, Guardians, all the different colored lanterns, Carol Ferris/Star Sapphire, Atrocitus, Manhunters, Mongul, Despero... they could tackle all of that in a way they wouldn't be able to with just a 2 hr movie