Speaking as a fan who is currently at halfway through Season 5 of a rewatch, I'm not very interested in this.
Babylon 5 was very much a product of it's time. When it was thought that Star Trek was the only sci-fi television show with any staying power, B5 came along and, with great effort, managed to get all 5 of it's planned seasons out, and carve out a fan niche of it's own.
It's planned storyline was revolutionary for it's time, when episodic television was the status quo. (Yes, there are exceptions)
But now? I feel like JMS has said and done everything that he wanted to say and do, and his sequel series and most of the TV movies (excepting In the Beginning) were really a (pun intended?) shadow of the main series. Crusade was terribly clunky, despite having some really great ideas (What's in the box?!?!?) and Legend of the Rangers was downright atrocious.
No, not even addressing whether it's going to be some kind of Woke garbage, Babylon 5, warts and all, is a complete story that's well worth watching, and the chances of a rehash adding anything of entertainment value are slim.
But for fanboy's sake...
To those who have asked why we’re not just doing a continuation…for a network series like this, it can’t be done because over half our cast are still stubbornly on the other side of the Rim. How do you telling continuing story of our original Londo without the original Vir? Or G’Kar? How do you tell Sheridan’s story without Delenn? Or the story of B5 without Franklin? Garibaldi? Zack?
There's 20 years after the end of the series and the decommisioning of Babylon 5 to tell stories in. They shouldn't dig up the bones of old characters. Do something new in the same setting. Only Zak was shown to still be on the station 20 years later, and he can be sidestepped, since the actor is likely not age appropriate anymore. Lockley could have moved on after a few years.
Just to make the point. They don't need to make a rote sequel with the same characters.