I don't think resetting everything would be the way to go, Dick as almost as well known as Nightwing as he is as Robin, and he's a character's actually gotten to develop, which I wouldn't want to take away. I mean, I think it would be cool to revisit his career as Robin and eventual split from Batman in a modern context, but I also flat out don't trust DC to actually allow significant character development these days. Also, I know that personally I'd just be anticipating the day the he finally becomes Nightwing again.
I think it'd be better to maybe have it so that in the "present" Dick has only recently become Nightwing, and then do a couple flashback arcs, ala Morrison's Action Comics, to show him as Robin. Depending on how they work the ages Dick would then be available as an independent teenage character and they could substitute Jason or Tim as Robin. I'm not so sure what I'd want to do about the Batgirls though, because I kind of prefer Barbara as Oracle but it would be hard to get her there without retreading the Killing Joke yet again.