I'm starting to like my idea more and more. If DC absolutely had to do something with the property, do a Watchmen "Redux" where you get some of the top artists in the industry to "cover" a few pages/chapters/whatever in a tribute to the original. You wouldn't piss the hardcore fans off as much, since it's still Moore's original work, but you'd still intrigue people enough to probably buy it.
I think DC has already burnt that bridge