I agree that should be netflix's game plan with a live action adaptation.
But a better game plan, in my opinion, is not pulling a disney and making the lion king, again, and instead just going with a new series.
While away, I've thought of two new ideas I think would be unique and fun stories for another avatar series based around an avatar (if you remove that as the core potential is infinite). MINOR SPOILERS READ AT YOUR OWN RISK
An avatar that was raised by their nation, for their nation. This version of the avatar would be like what they wanted whatshisnametheguybeforeaang to be, but he refused. This would historically only work well for fire and earth. The next avatar is an earthbender, which could be really really cool, but the problem is the fact that it's become a democracy at the end of the show. I'm not saying it's not possible, but it's still less then optimal. The other, the fire nation, we didn't really get much on in korra, so maybe? But anyway, it would be an avatar raised in the conditions of those earth bender silencer guys (my brain is blanking on names ), who only later starts to realize other stuff. Amazing arc potential.
After whatever the next avatar is, or a continuation of korra, whichever option of those is taken, you reach the point where tech is going too far, too fast, to remain in the same era as is necessary to maintain the current vibe. But here's an option: end of that show, there's a disaster, an apocalypse level event. Pretty standard in ATLA and korra, but this one mostly works. It doesn't have to be a full on nuclear fallout or whatever to be effective, so it can remain within the standards. Think, for context, the vines from season 2 of korra,
In this, the avatar survives, probably so do most of her or his friends, and a lot of people worldwide. But power, economies, etc. are shattered. This leaves infinite potential for various plots. Rebuilding civilization plots. Dealing with the fallout and the crazy results in nature plots. And anything else you want, because the tech has been set back again and you've got at least an avatar or two before it again reaches modern day+ tech.
Anyway, what do y'all think? I love both series ideas, and maybe even more than just going back to korra. Which would you prefer of all my current ideas?