Might be a good idea to internationally release this as "Biohazard" to avoid associations with the rest of the RE movies. If it's a strong enough movie, it won't need the RE name to sell it (it hasn't really done a good job selling the other movies as is), and game geeks will know what it's based on anyway.
At this point, ANYTHING would be a step-up from the RE movies. Even if they turned it into a slapstick comedy, it'd be a million times better than the shlocky scripts of the past three films.
That's not to say it would be a great movie. After all, Final Fantasy Advent Children was a fan-favorite, but I found it particularily boring and poorly animated.