Yes something like that could work...
Only problem would be Hicks, but we do not know if he would be cast..
so far seems Fox likes some of the ideas that Komkamp had, and Ridley too and the group are getting together to make a movie, and as far as Ripley goes, it is likely she will make a appearence but as for Hicks?
Who knows..
What i am saying is take Spaights draft there was some interesting ideas in that, that made it to Prometheus while others was left out after Lindeloff came in to re-write it.
Prometheus 2 had a draft by Paglen, where he apparently had some interesting ideas, but Fox and Ridley got Green in to change and add stuff to it, and since then they have made a number of changes so as that the Original Idea by Paglen has changed at least 18 times.
So just because the Alien 5 has been given a Green Light does not mean it would be 100% the same as what Komkamp has done, it could be near enough! Or it could have some elements from it...
A interesting note is that Fox likes his ideas but also those from the Colonal Marines Game..