Sounds like it is salvageable with a fan edit (mostly the ending, I guess, somehow), though I'd prefer it if it didn't have to be salvaged in the first place.
I'm mostly a Predator 1 person, but I think P2 has more going for it than it doesn't, and after re-watching Predators again recently, I actually like it, after hating it at first. The AVP movies don't even exist for me as an Alien fan and Predator fan. So if, besides the ending, this one is more or less on par with 2 and Predators, I'll be content. I'm just used to all the sequels being a mixed bag, at this point. The first one remains unsurpassed.