I am not really a fan of reboots, but if we want new people to join our fandom, maybe it would do The Land Before Time well to reboot the whole thing and update it to current audiences.
little question: why reboot if we just can have a direct continuation with the same result - with a little bit (not so much) grown up characters and more serious atmosphere and problems?..
The reboot would be important to try and bring new fans into the franchise. As much as we love the original movie, it has its flaws, and today's audience just isn't going to fall for it as hard as we did. Some might, but not a lot of people.
Continuing the franchise into a different direction is my favourite option, however, it would be something done to please fans like us. It wouldn't generate enough revenue for Universal to support it as a long lasting franchise.
I fear that TLBT has had its moment and that, sadly, we won't be seeing anything new in the near future.
We will probably get something TLBT related in the future, it's inevitable. But this time, we might have to wait a bit more than 9 years.