I wouldn't be against a revival of Laff-A-Limpics, but I don't think that expanding the program to an hour would be a good idea. Since Laff basically adhered to the same formula every time, it might get old pretty quickly in 60 minute increments. Anyway, unless this hypothetical new Laff-A-Lympics were to feature the original characters from Cartoon Network Studios, a LAL revival would be Warner Brothers' call to make, not Turner's.
One possible way to keep a new Laff series interesting would be to have actual plots running alongside the competitions, like in that Wacky Races Forever pilot that was planned for CN in 2005, but never made it to the air.