The guy that did the giant squid for 20k is the guy Spielberg brought in to do the mechanical shark for Jaws.I would hope so. It's one of those movies that I think could really benefit from today's technology.
Part of me agrees with you. But there's also a part of me that finds the live-action animatronic effects lends a.......... tactility? that modern effects might scrape away. Get Neal Scanlan or Richard Taylor on the job and maybe we have a thing.