Let's just get this straight... Space Jam got it wrong where BIA got it right and BIA got it wrong where Space Jam got it right, and together, they both managed to get a LOT wrong. But then again, LT was able to shake that movie off, and still managed to be in the public eye on shirts and on Television. BIA, not so much, and they came up with Loonatics.
I will say, I LOVE how they blended Daffy's pre-Jones wackiness and his Jones era bitterness and hamminess in Space Jam. Other than that, SJ was basically a movie on the premise of old commercials. BIA was a movie that was made to NOT be SJ. Again, I'd LOVE to see a Donner cut someday. even if they have to fudge the animation... or just have the animatics.
Personally, a perfect LT movie would go like this...
the film has to take place in the late 60's, when the studio closes down. All the characters go their separate ways... Bugs still hangs onto his popularity, and manages to get a career on the lecture circuit. All the others fall into nice little jobs/retirements.... and one day Bugs goes to visit Daffy, who has taken the fall seriously. He's living in a run down place, he seems deeply depressed and he's become extremely reclusive. He doesn't even deal with the situation is his usual fiery anger. That's when Bugs decides that it's high time to take it up with the studio muckidy mucks, and when they refuse, he plans a comeback by himself and calls everyone back. If nothing else, for hating seeing what become of Daffy, who gets back his regular personality as soon as they start back up... thus touching up on their relationship as rivals and freidns.
Buuuut I guess WB would rather do one where Bugs dances to hip hop from 20 years ago and wonder why they just can't sell them.