I think you could very easily retool what's there into something that works. It really isn't that hard. RWBY's premise and central conflict is perfectly functional, even a solid idea. The monsters and the huntsmen are proxies in an age-old shadow war between two immortal but diametrically opposed beings. That could very easily be made into a compelling conflict if handled, not even differently, but consistently.
Retooling what already exists is fine. I think ripping everything out by the roots and turning it into a completely different idea is not a good idea because the core is what makes RWBY interesting to begin with.