Fox should improve perfectly dreadful films by making them watchable. Bye Bye Birdy is one of the worst musical films ever, but I could see how it would work if the terrible songs were improved and they cast the right performers.
share"Bye Bye Birdie" was already remade as a TV movie in 1995. That version was more faithful to the stage show, but it was met with a similar reception to the RHPS reboot. http://www.imdb.com/title/tt0112605/combined
I get what you're saying though. There are plenty of bad movies out there that had good ideas which were lost in translation somewhere. Unfortunately, the studios don't want to take a chance on a remake unless it has some name recognition value. For example, there's a great little horror schlocker from 1979 called "Tourist Trap," which was memorably creepy but it didn't gel as a whole. It was remade (with an improved storyline) in 2005, but they didn't use the title "Tourist Trap," instead it was released as "House of Wax," the title of a well-known Vincent Price film which bears virtually no similarity whatsoever to the remake.