Ford did that back in 1987 with their press releases about their upcoming 1989 Mustang. Modern styling, front wheel drive, four cylinder engine, and lots of Mazda goodness. Good idea, right?
It went over like a lead brick because people liked the Fox body in its (then) current form.
I don't see that happening now because nearly every new car buyer has forgotten what anything from 1973 was like. Even the last year square Blazers are nearly 30 years old now (and 1st gens are downright ancient!). They're not destroying a beloved nameplate. They're pulling a nameplate out of the landfill of forgotten and unloved cars.