I don't know about that.  That premise could easily appeal to a modern audience, provided the characters are well written and played.  Classic Bond holds up, classic Bruce Lee holds up; you mix the two and you have Master of Kung Fu.  Now, you modernize the Fu Manchu character (cut out Fu as a character, period or remove the purely racist elements) and the same with Shang Chi (kind of hard to sell the idea that some is raised in that much isolation, in the modern world) and the basic plots and storylines of the Moench/Gulacy run fit in pretty well.  Heck, you could even throw in the twist that the evil father is a Westerner and the mother is Chinese and you can even make subtle critiques of the exploitation of China by the West, in the Colonial years (a take that would likely appeal to an Asian audience).  You make the villain less of a caricature and give him a believable mindset and the audience will go along, even if the story gets fantastic, so long as there is a logic to things and the audience is entertained and identifies with the characters.

But, no, Hollywood isn't going to adapt the classic work, because Marvel has spent to many years since trying to turn Shang-Chi into whatever was en vogue in Martial Arts films or Hong Kong action cinema.  That is part of why the character has not been a major figure at Marvel, since Moench, because everyone since just sees him as a martial arts character while Doug saw him as a spiritual character, in a pulp world, who just happened to be extensively trained in martial arts.  Marvel pitched this as aping Hong Kong from the moment it started, when it was announced that Yeun Woo Ping had been attached to direct, since he was hot, thanks to Quentin Tarantino promoting Iron Monkey, and the popularity of the films he choreographed that had become big rentals in video stores, like Tai Chi Master and Wing Chun.  They didn't want Bruce Lee, they wanted Jet Li, which just shows how much time has passed since Shang Chi was a popular character, headlining his own series.  Marvel Studios sees this as a character that can be sold well to Asian audiences, who have become more important than American audiences, which is fair enough.  No one says America should have a monopoly on cinema.  

I hope it does well enough that maybe they can bring in some of those classic elements, in future films.  I'll watch this, eventually, just as I did the others that didn't wow me with their trailers; just not in a theater.  Still, I have watched enough Hong Kong cinema to tick off the stuff they have swiped in that trailer, from 36th Chamber of Shaolin, to Police Story, to John Woo and Tsui Hark to wonder if anyone in Hollywood can establish their own style anymore or are they just mimicking their influences.  A lot like modern superhero comics, really.

That would be a pretty nutty bait and switch, which I think would rub people the wrong way. A scene like that looks like it can have some relevance to the plot. If it was something like what we saw in Avengers Infinity War with the Hulk on Wakanda along with the other avengers charging into battle, it would be fine. But with something like Abomination who hasn't been seen in 13 years taking on a disciple from Kamar-Taj, it immediately raises questions.