I don't think it would have been better, no. You have to understand that technically, "Griffith" wasn't "reborn". What happened is that Femto (who was "born" from Griffith during the Eclipse) acquired a fleshly body. Until then Femto only existed as a spirit in the Astral World, so he couldn't materialize in the real world. He only had a spiritual body. But through an incredible set of circumstances, a once in a thousand years event occurred: Femto was incarnated.
And because he used to be Griffith when he was human, his new body naturally resembles the old one. But make no mistake, nothing has changed. That new Griffith is only a flesh costume for Femto. He is still a member of the God Hand, and his goals aren't those he used to have as a human. With what you're proposing, not only would the current story not be possible, but I'm not even sure what story there could be. Either way, I think it's much better the way it is.