B5 was awesome but it was a flawed masterpiece. He struggled with the format a nd some really cool plot threads fell by the wayside because of problems with the actors. Overall it's well worth the effort. If they could merge the Trek universe and B5 universes we'd have a really amazing amalgam.
Betazoid telepathy would actually be interesting. The shadows and vorlons would make great mysterious adversaries, like the Tholians, and the centauri, narn, minbari, and pak'ma'ra all have many interesting qualities as species. One thing I really liked was that they had a limited bible of alien races and instead of conjuring up an alien of the week, they would build on the existing races. A much better approach than Trek.