As said in this thread I think one of the keys to success with the AVP formula is to keep it simple. Do a breakdown of what makes the two franchises and the two creatures compelling and interesting at their best, and use that to build interesting confrontations between them.
Personally i'd skip going into any detail on how Predators feel about Aliens beyond subtextual stuff. Body langauge, behavior. No expositionary stuff about how glorious Aliens are to hunt. Retain mystery.
Instead you should have some, at least, somewhat compelling humans. A mixture of the archetypes found between Alien, Aliens, and Predator. Charming, humorous, working-class humans, maybe some guards or something.
Having the humans be the central focus and not really leaving their perspective whilst having the Alien and Predator dueling around them as they're trying not to get run over would probably work the best to generate effective tension.
I personally want to have the whole thing stripped way back. One Alien. One Predator. A fight to the death. Harsh, and hot, environment Humans that are competent and space-savvy, but ultimately in over their heads.