I like your idea! Hawk and Dove was one of the first DC series I really enjoyed, and I loved Hank/Dawn's relationship, especially as it wasn't romantic, and both of them had a decent love-life outside the mask (I LOVED Det. Sal too, and his death was one of the things I hated the most about Armageddon) The whole Hawk becomes Monarch, then becomes Extant never sat well with me at all.
So yeah, Hank back would be a *great* improvement.