You know what no one has done right yet? A christmas serial killer movie. Oh, they've tried. Oh yes indeedy, but good? no. No, no, no. So why not take one of these turkeys and try to do it something good.
This one has a good hook, someone is killing anyone in a santa suit, be it a bum, a rich guy at his office party, or a bimbolicious model. This can work, you start of with a couple of murders, and then cops clue in to the MO. Then you can go all sorts of ways. How would the holidays be affected in say New York, if it was five days till Christmas and already seven Santas were dead. Could be a very interesting way to take on mass media in murder culture.
Most of the original film's plot and character I would chuck. The boy friend who might not be what he seems, the girl friend who's in peril even though she's not in a red suit, and the ever present calm arm of the law are way too stock for this weirdness. We need some punch for this and we don't need to construct this as a mystery because shows like this always end up as scooby doo when done as a mystery. "Mr. Jenkins??? I'd get away with it too if it wasn't for you meddling kids."
Anyway that's my thoughts.