The show has aged to the point where a reboot wouldn't serve much of a point. All the force driving it has moved on to other things (actors, writers, etc).
Personally I think there is a lot of potential for a video game, and if the rights are indeed with a dvd distributor, there is no one left to give a rat's fart about non-commercial fan projects.
The challenge for a dev team though would be creating a vision of the Lexx universe that does it the most justice with current technology, while at the same time not alienating the original style. The question about the original style is, "how much of this is an accurate portrayal of the beans' vision, and how much of it is budget limitations?"
In other words, if they had millions of dollars and whatever other crap they wanted to use on production, how different would the show look? This is important because in a game the only limitation is the talent of the developers and current technology (when you look at engines like the UDK that are freely available for use, things look pretty good).
____________________ "Man is something that shall be overcome."