I would be OK with this. Seeing how Covenant has only recently grown on me, however, I have little confidence I'd like it upon first viewing.
Honestly, I'd just leave the Alien films alone at this point. Covenant was a success, in my opinion. Better Cameron direct an 'Alien-Predator' reboot with Colonial Marines. I bet he could do wonders. (He had a small hand in designing the Predator, iirc, it was the mandibles, and most of the marines from Aliens cast - RIP Ultimate Badass - have worked together on Cameron's films or films featuring Predators with Michael Biehn, Lance Henriksen, Jeannette Goldstein and Bill Paxton in Terminator, Terminator and AVP, Predator 2 and Terminator). Not saying that he should (or even could) bring those actors on for an A/P Reboot, but he very well knows his way around that particular corner of 1980's sci-fi. So I'm confident if anyone could make a GOOD Alien/vs/Predator film it would be him.