Eventually? More than most X-properties, Excalibur relies on some pretty heavy legacy elements – you need to really care about the relationships between Kitty and Rachel, and Kitty and Kurt, and to a lesser extent between Betsy and Brian, in order for the emotional elements of the premise to land.
Then you’d need to find a writer/director who can do action, screwball comedy, feel-good emotions, and surreal genre parody all at the same time. Taika Waititi would be a natural pick, but I dunno if he’d want to reprise and/or might be busy with other Marvel properties (ditto James Gunn); Edgar Wright would be a good pick too, but he’s probably way too pissed off at Marvel; maybe Greta Gerwig if she’s interested?
I’m not sure about how important the legacy elements actually are. The gist of the team is that they’re weirdos who help the British government investigate aliens, fairies, and sliders. You don’t really need to know anything about their ties to the X-Men to get that. It should be enough to establish them as a group of drifters who have all lost family and loved ones to the cruel strangeness of their universe, without getting overly into the Morlock Massacre, or the Siege Perilous, or Roma and Merlyn manipulating their destinies. Even for Rachel and her ties to Kate and Kitty, it’s more important to establish that reckless time travel is afoot, giving Rachel two different relationships with the same woman, than that Rachel is the child of two X-Men or even that she’s Phoenix.
At that point though, you’re not really doing Excalibur any more. Aliens, weirdos, and alternate timelines is what they do – although Agents of SHIELD and the X-Files and Fringe do that stuff too – but it’s not who they are. Legacy is important for spinoffs to find an audience, because you’re trying to pull in as much of a pre-existing audience as you can, and they need hooks and anchors.
That being said, I don’t want to over-emphasize the legacy: what matters is that Kitty Pryde is a nerdy bi Jewish comp sci prodigy who doesn’t realize that she’s in love with Rachel, that Kurt is a sexy swashbuckler with great turtlenecks rather than his characterization being just a dour bigoted Catholic (hem hem), that Rachel is an over-dramatic leather queen with the world’s only attractive mullet/rattail (although the Phoenix force is kind of key to her aesthetic and motivations, so I disagree there), that Megan was raised by tv and has body image issues, and that Brian is a pompous Tory public school boy who is constantly subverted.
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