It should be noted that Dennis O'Neil was not the sole creator of Richard Dragon. He and Jim Berry wrote a novel called DRAGON'S FISTS under the pen-name of "Jim Dennis" (combining their first names as a pseudonym), then adapted that novel to comic-book form. And Leopoldo Duranona gets the credit for creating his visual appearance. The Bronze Tiger's creators were the same as Richard Dragon, obviously, since he was in the novel and the first issues of the comic as well.
Until Samurai Jack and various imported movies such as Crouching Tiger, Hidden Dragon (not to mention The Matrix and its knockoffs) made the martial arts genre "cool" again, I wouldn't have thought it could make much of a comeback any longer. I don't think Richard Dragon could make a comeback without a major overhaul in today's market, even though I kinda like the original late '60s to mid-'70s setting.
The basic premise shouldn't be tampered with. I mean, he should still be a white guy with red hair who can fight as well as any Oriental martial arts master. But the setting for the story could be changed. Maybe a futuristic world like that of Samurai Jack, or perhaps even set in the past in 16th century feudal Japan. I dunno. The character doesn't really give me much interest, so it's hard to think of what to do with him. I think it would take a writer/artist team of the highest calibre to breathe some new life into the musty old comic-book that is RICHARD DRAGON, KUNG-FU FIGHTER.