Not only would I do it, I would try to revive the series and make this good again.

1) Backstories on the characters and reveal more on each of them, like Humphrey and his past, Kate and the challenges she faced in Alpha School, and of course Garth's mother.
2) A much darker and more emotional feel to the story, including challenges the couples will face together, as well a much better villain
3) Lead up to the pups and give them much better names

And if I were ever given the chance to reboot this, the fans would get a say on some of the details of the story

Start the story off with much darker and scary part

I'd add backstories to characters such as Humphrey, Garth or Lily.
Keep the characters in character like in the 1st movie (Exp. Eve, Humphrey......)
Continuation of the 1st part how the two packs evolved with the new leaders, retirement of Tony & Winston, evlt. meeting King's pack or other wolves....
Have normal wolf cubs, not annoying or cringy. Add additional other wolf cubs evtl. from Lily, Shakey, Salty etc.
Avoid to milk the franchise.

i would take the franchise in a more serious, and more intense direction, introducing a human character named Dave Miller, and eventually having it tie into a multiverse. I'm actually thinking about writing this, but I don't know I would introduce him into the franchise

If I could make any changes to the franchise, it would be most likely with the sequels the most. For one thing, I would give Garth and Lilly more appearances in the sequels, as well as giving them a litter of their very own pups (seriously though, anyone else thinks it's highly unfair that Kate and Humphrey had their own pups, but Garth and Lilly didn't? Cause Tony missed out on his chance of becoming a grandfather)

Change Stinky and Runt's names to something way better; Claudette's name they can keep, since her name sounds more like the most normal one outta all three of them. Less appearances from Marcel and Paddy (I don't think anyone really likes them to be honest, not that I blame anyone who dislikes them. They're pretty worthless throughout the entire franchise)

And also inform us whatever happened to Humphrey's parents and Garth's mom since neither of the films from the franchise ever gave us any backstories of what became of them. And even included Shakey to appeared in one of the sequels since Salty and Mooch have already each appear in one of them.