No. Michael Bay would only be good from an explosion perspective but he is a shit director. Bad Boys 2 was a huge steaming pile of shit, as was Transformers 2. There are much better choices out there to direct this film who are not completely one dimensional. And like I said, the only person who stands a chance at writing a good film is Shane Black seeing as he created the original and knows the characters.
It isn't like I opposed to major actors taking over the film, the only problem is it wouldn't make sense seeing as this is a reboot. Why should they go with big name actors who came up the exact same time as Gibson and Glover and are the same age. They might as well just keep with the Lethal Weapon 5 idea then. What they need to do is get some younger actors, at least for the Mel Gibson role. Chris Pine is a good actor but he doesn't have that crazy vibe coming from him. Chris Hemsworth, Chris Evans, or Channing Tatum would be much better choices to take over the role of Riggs. I guess Samuel L. Jackson would work, but he is almost a better choice for Riggs then Murtaugh seeing as he is an over the top character actor anyways.
My point is while big name actors would be nice they could make the film a bigger joke. Recasting and getting some younger actors who fit the characters better may be best. Hell, what is to even say that this reboot will even be a comedy or sorts. It could be entirely serious seeing as it is a reboot and reboots tend to try and be considerably different from originals so that they can distinguish themselves.