I don't think I'd be happy with Joel Schumacher directing car commercials. The man needs a restraining order from cameras.
The original Cool World isn't that bad. Sure, I imagine Bakshi probably wanted it "rawer" but didn't John K. say the same thing about Ren and Stimpy? It's already a passable popcorn flick which despite the bad screenplay and acting has great mind-bending visuals and a catchy soundtrack. I don't really see a need to "improve" it.