I totally think it would work. Krang could be a renegade Utrom who was banished from Dimension X, much like in the cartoon. And as Langden Alger said, maybe have him teamed up with some Triceratons. That would please fans of both the cartoon and comic. The main thing would be not to play it as silly and campy like the cartoon did, and it would work.
And I know Peter Laird would never allow it in a million years, but I would love to see Bebop and Rocksteady as Krang's thugs.
"Oh, I'm sorry. I thought my Dark Lord of the Sith could protect a small thermal exhaust port that's only two meters wide!" -The Emperor, Robot Chicken
"Experience has taught me to investigate anything that glows!" -Sonic the Hedgehog