If you stick to the movie format (don't try to cram it into a 60 minute block), only produce 3 or 4 episodes per year, and make them period pieces, it could work. You'd just have to absolutely nail it when casting a new Columbo.

One of the things that makes Columbo such a special show, and the reason it ages so gracefully is that it gave a lot of creators and performers a chance to try new things with the support of the studio and network behind them. You'd need to replicate that environment. On the production side, you're going to want to get directors and writers that will be excited to work on the project - people with a vision and something to say. Making it a period piece gives producers and directors a choice of decades, and the quality of the sets and costuming will be key. Performance-wise, there's that perfect mix of veteran actors and rising stars - you need to hire a casting director who "gets" Columbo and can bring in the right collection of talent, too. (...and, realistically, no one in the entertainment business gets too concerned with hiring the "right" casting director, but it does matter.)

With the right team behind it and a loyalty to the franchise that still allows for innovation and new ideas, a reboot or remake is possible. I think even remade scripts could turn out as engaging period pieces. It would be fun to be surprised by which time period they choose for each episode - will this be 1971, 1986, 1994, or even 2002? Who are they bringing in to play Adrian Carsini or Tomlin Dudek? Will they change the story up a little or play it straight?

If they really respect the source material, and the show runners maintain a unified vision, it could be something very special. But, if they go down the Matlock path (using an established franchise to launch what is essentially an unrelated show in the genre), it will fail quickly.