It would be brilliant, but it isn't realistic at the moment. I don't think anyone would want to watch Firefly without Mal and Jayne, and those actors are both under contract (to Castle and Chuck, respectively).
I've said before, and I'll say again -- those cast members are crucial to what we think of as Firefly, but in reality, it was Joss Whedon who put it all together.
I can't imagine how great it would be to get the original cast and crew back together to continue work on Firefly, but in reality, anything that Joss Whedon considers good enough is likely good enough for me, whether or not it's a spin-off, new series or what have you.
I respectfully disagree. This isn't to say that I don't fully appreciate the brilliance exhibited by both of those actors (especially seeing how mediocre Baldwin is in almost everything else I've seen) in those roles, but Joss Whedon does two things really well -- write compelling dialog, and make exceptionally good cast choices.
I do consider Firefly to be Whedon's magnum opus, but you can keep the concept without those two actors, or without any of the original cast really, but there's nobody you could cut that wouldn't be sorely missed. The real question is whether or not it's still 'Firefly' or a spinoff. And, my take on that is to accept whatever Joss Whedon says. If he calls it Firefly, so will I.