I've always been interested to see a female Predator on-screen. The design doesn't need to scream, boobs/cleavage. They can design something respectful, and unique/different. I see nothing wrong with the idea/possibility.
As for the setting, I like the idea of it taking place in the past, such as World War 1, World War 2, Cold War, Vietnam, Vikings, Feudal Japan, Medieval...a lot of cool setting opportunities. I honestly, want to see a scene, where a Predator hunts a T-Rex.
Anyway, I'm more excited for Predator 4, and Alien 5, than Alien: Covenant.