Someone should remake this.
Sure, this movie is godawful, but the books they were based on are good.
There are five books, based on Welsh myths, which I greatly enjoyed as a child. This is a property that could be made into a fun film franchise, either animated or CGI-heavy live action, as long as they bring in some talented filmmakers.
Because it would be almost impossible to make a worse version than the 1985 one, they might as well give it a go!