Maybe.
Karl being Dredd would be the big selling point - everything else is up for grabs I'd imagine.
I would guess they'd want to tweak the costume anyway, depending on what rights DNA etc have to the movie version of that + it would be a fresh start for merchandising.
Unless it's going to be heavily green screen/vfx heavy, it would be a balance between how it might sit within the locations/vehicles they can source within that budget.
Tonally, I wouldn't expect it to be 80s wacky Dredd, but it could be less bleak than the 2012 version.
All very hypothetical anyway.