How I would do Alien V? I wouldn't... I'd first make Alien 4.
Firstly and most importantly, I'd disregard anything and everything from 1993 onwards as reference, and draw upon only the original trilogy and expanded media /art of that time for the look, feel and atmosphere. Aesthetically, it would have a very analogue look, not a flat screen or hologram to be seen - dirty CRTs, bulky keyboards... overall a dark look with bold colour grading (deep reds, deep dark blues, purples - late 80s/early 90s view of the future (think Amiga 500 games of the time, or colours like in 'Hardware'(1990) etc.
In terms of story, just like the original trilogy, it'd follow on directly from Alien 3. It'd open with a montage of Bishop 2's speech to Ripley in the credits, audio only: "You can have a life... children... and most of all, you'll know it's dead." Slowmo shot of Ripley falling backwards as Bishop screams "Noooo!!"...shots of Fury 161 being locked down as per Alien 3...intercut with a slow panning shot of a vent similar to the one Murphy died in, dark, flickering almost 'orange brown strobe' effect from the running fan as the only light... a dark slimey shape comes into view..secreted resin... a vaguely human-like shadow, faceless, morphing into an ovomorph... an ID badge drips from the dissolving body..Clemens. As the ovomorph slowly opens, a cocooned Andrews, opposite opens his eyes and cries out in terror as the facehuggers legs creep over the edge of the egg. Quickly Cut to Alien 3 footage of Morse being escorted away by Weyland Yutani dog handlers. He stops and turns looking behind him as the faint but familiar scream is barely heard (insert quick shot of vent Morse in looking at where the sound echoed from, then immediately back to the original footage as he smiles) "come on you get going!" "Ah fack yew!" Title screen: A L I E N 4
Now from here, two potential stories can branch out: option 1- mimic the Gibson script of Alien 3 opening, except it's the Patna instead of the Sulaco, and Bishop 2s cryotube instead of Bishop that is discovered, then move on to a story involving the Union of Progressive Peoples,
Or option 2: We follow the story of the scrap merchants that arrive at Fury 161 after the refinery is sold.
In terms of setting for the majority of the story: Bring back the confined isolation feel of 'Alien' - perhaps a station on a large asteroid in UPP space, no breathable atmosphere...the outside landscape looking like the dry cracked earth seen in the Alien 1979 trailer where the lone egg is featured...black starless sky, a moving low mist (it'd be calm to contrast lv426 and fury 161, no winds or extreme weather...no sound, only the breathing of the characters within their own space suit helmets, limited vision, only the illuminated cracked ground within the glow of the helmet torch lights..the absence of sound making any brief spotted motion/strange shapes making it creeper in outdoor scenes. Indoor scenes as described earlier.
Creature design: Think the runner from Alien 3, born from a human host...or 'Aliens: Labyrinth' comic art, streamline, slender, feminine..but as biomechanical as the big chap...essentially the runner, but upright with tubes on its back, with the big chap colours.
A new variant of the creature would also be introduced, as per tradition.
Human antagonists: no weyland yutani, Ripley's sacrifice may have not stopped the xeno, but she succeeded in stopping the company getting their hands on one (thus her sacrifice not completely in vein) brand new antagonists to be introduced with vastly different goals.