Well, it could be cool. But I really struggle to see a good outcome too, esp. with an eye on how weaves are handled. FS made a statement lately that pretty much sounded like “better expect no big changes or additions anymore” (aka we abandoned this and only do minimum work to not break any promises). Btw. season 3 frames were already recolors of season 1… 
Well, that doesn’t mean that Versus will be treated like that aswell, but every game mode needs constant support and actual content updates to keep it alive and running, esp. if it’s a PvP game mode. I just say: Balancing, Rewards, Hosting… those are 3 crucial points for succesfull PvP game imo, those I wouldn’t consider a strength of FS. But hey, hope dies last and even if FS has some major weak points they are also good for a nice surprise every now and then 